Cameco Sees Unusually High Options Volume (NYSE:CCJ)

Key Points

• Put-option activity surged: Traders purchased 33,829 Cameco put options, 52% above the typical volume of 22,244, signaling unusually high options-market activity.
• Analysts remain broadly positive: Eighteen analysts rate Cameco Buy or Hold, producing a consensus “Moderate Buy” rating and an average price target of $148.68.
• Shares declined amid weaker results: Cameco fell $3.41 to $93.27, while its latest quarterly EPS of $0.13 missed estimates of $0.26 and revenue declined 6.8% year over year.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO was the recipient of unusually large options trading on Monday. Stock traders acquired 33,829 put options on the company. This represents an increase of 52% compared to the typical volume of 22,244 put options.

Wall Street Analysts Forecast Growth

CCJ has been the subject of a number of research reports. Weiss Ratings lowered Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, August 12th. Bank of America dropped their price objective on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Citigroup restated a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Truist Financial raised their target price on Cameco from $129.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised Cameco from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Cameco presently has a consensus rating of "Moderate Buy" and a consensus price target of $148.68.

Institutional Investors Weigh In On Cameco

Hedge funds have recently modified their holdings of the stock. Bullseye Investment Management LLC acquired a new position in shares of Cameco in the 2nd quarter valued at $136,000. Sequoia Financial Advisors LLC raised its holdings in Cameco by 14.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 106,825 shares of the basic materials company's stock worth $10,881,000 after buying an additional 13,399 shares during the period. Gemmer Asset Management LLC lifted its stake in Cameco by 11.5% during the second quarter. Gemmer Asset Management LLC now owns 12,906 shares of the basic materials company's stock valued at $1,315,000 after buying an additional 1,327 shares in the last quarter. SailingStone Capital Partners LLC lifted its stake in Cameco by 0.5% during the second quarter. SailingStone Capital Partners LLC now owns 73,227 shares of the basic materials company's stock valued at $7,459,000 after buying an additional 392 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its stake in Cameco by 30.9% during the second quarter. WINTON GROUP Ltd now owns 140,300 shares of the basic materials company's stock valued at $14,291,000 after buying an additional 33,153 shares in the last quarter. 70.21% of the stock is owned by hedge funds and other institutional investors.

Cameco Price Performance

Cameco stock traded down $3.41 during mid-day trading on Monday, hitting $93.27. The company's stock had a trading volume of 3,301,218 shares, compared to its average volume of 3,550,004. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $40.62 billion, a P/E ratio of 158.09, a P/E/G ratio of 1.65 and a beta of 1.06. Cameco has a twelve month low of $77.70 and a twelve month high of $135.24. The stock's fifty day moving average price is $95.30 and its two-hundred day moving average price is $105.72.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). The company had revenue of $573.06 million during the quarter, compared to the consensus estimate of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. Cameco's quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 EPS. Research analysts forecast that Cameco will post 1.27 earnings per share for the current year.

About Cameco

Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. Established in 1988 through the merger of Saskatchewan Mining Development Corporation and Eldorado Nuclear Limited, Cameco is one of the world's largest publicly traded uranium producers.

The company explores, develops and operates uranium mines, primarily in Canada, the United States and Kazakhstan. Its assets include the McArthur River and Cigar Lake operations in northern Saskatchewan, as well as interests in the Inkai operation in Kazakhstan.

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