Cameco Sees Unusually High Options Volume (NYSE:CCJ)

Key Points

• Cameco saw unusually heavy bearish options activity: Traders purchased 64,670 put options, 186% above the average volume of 22,573.
• Analysts maintain a generally positive view, with 12 Buy, four Hold and one Sell rating; the consensus is “Moderate Buy” with a $148.68 price target.
• Cameco shares rose 1.8% to $82.93, but the company’s latest quarterly results missed expectations, with EPS of $0.13 versus $0.26 expected and revenue down 6.8% year over year.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO was the target of some unusual options trading on Thursday. Stock traders acquired 64,670 put options on the stock. This is an increase of 186% compared to the average volume of 22,573 put options.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CCJ shares. Barclays reduced their price target on shares of Cameco from $104.00 to $97.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 4th. Royal Bank Of Canada upped their price objective on shares of Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday, June 29th. Bank of America dropped their price objective on shares of Cameco from $143.00 to $140.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Cameco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Finally, Jefferies Financial Group started coverage on shares of Cameco in a research note on Thursday, September 3rd. They set a "buy" rating and a $138.00 target price on the stock. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cameco currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.68.

Institutional Trading of Cameco

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sterling Capital Management LLC acquired a new stake in Cameco during the first quarter worth $30,000. Brown Lisle Cummings Inc. grew its stake in shares of Cameco by 3,200.0% in the 1st quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 288 shares during the period. CX Institutional raised its holdings in shares of Cameco by 2,181.2% in the 3rd quarter. CX Institutional now owns 365 shares of the basic materials company's stock worth $32,000 after buying an additional 349 shares in the last quarter. Copos Capital S.a r.l. bought a new position in shares of Cameco during the 4th quarter worth approximately $35,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Cameco in the 1st quarter valued at $39,000. 70.21% of the stock is owned by hedge funds and other institutional investors.

Cameco Trading Up 1.8%

CCJ traded up $1.46 during trading on Thursday, hitting $82.93. The company's stock had a trading volume of 3,045,307 shares, compared to its average volume of 3,521,393. The firm has a market capitalization of $36.12 billion, a P/E ratio of 140.56, a PEG ratio of 1.76 and a beta of 1.17. Cameco has a twelve month low of $77.70 and a twelve month high of $135.24. 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's fifty day moving average price is $94.64 and its 200-day moving average price is $101.77.

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 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%. The company had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.60 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. The company's revenue for the quarter was down 6.8% compared to the same quarter last year. Analysts anticipate that Cameco will post 1.07 EPS for the current year.

About Cameco

Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. It is one of the world's major suppliers of uranium, producing uranium concentrates used to generate nuclear power. The company's operations span uranium exploration, mining, milling, refining, conversion and fuel manufacturing.

Cameco operates or has interests in uranium assets in Canada, the United States and Kazakhstan. Its Canadian portfolio includes the McArthur River and Cigar Lake mines and the Key Lake and McClean Lake milling operations in northern Saskatchewan.

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