What is Scotiabank's Forecast for Cameco FY2026 Earnings?

Key Points

• Scotiabank raised its FY2026 EPS estimate for Cameco to $0.89 from $0.88, versus a consensus full‑year estimate of $1.57.
• Cameco recently beat quarterly expectations, reporting $0.36 EPS (vs. $0.29 expected) and revenue of $874.6M (vs. $782.1M expected), with a 17% net margin.
• Analyst sentiment is a Moderate Buy with an average price target of $150.40, and institutional investors now own about 70% of the stock following large purchases by firms like Norges Bank and TD Asset Management.

Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO - Scotiabank boosted their FY2026 EPS estimates for shares of Cameco in a research report issued to clients and investors on Friday, April 17th. Scotiabank analyst O. Wowkodaw now anticipates that the basic materials company will post earnings per share of $0.89 for the year, up from their previous estimate of $0.88. The consensus estimate for Cameco's current full-year earnings is $1.57 per share.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its earnings results on Friday, February 13th. The basic materials company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The company had revenue of $874.57 million for the quarter, compared to analysts' expectations of $782.13 million. Cameco had a net margin of 17.00% and a return on equity of 9.35%. The firm's revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS.

Several other research analysts also recently issued reports on the stock. William Blair initiated coverage on shares of Cameco in a research note on Monday. They issued an "outperform" rating on the stock. Royal Bank Of Canada upped their price target on Cameco from $150.00 to $160.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 17th. Sanford C. Bernstein restated an "outperform" rating and issued a $147.00 price target on shares of Cameco in a research note on Thursday, February 5th. TD Securities lowered shares of Cameco from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 26th. Finally, Weiss Ratings upgraded Cameco from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Cameco currently has a consensus rating of "Moderate Buy" and an average price target of $150.40.

Cameco Price Performance

Shares of NYSE CCJ opened at $116.54 on Wednesday. The company's 50-day moving average is $114.17 and its 200 day moving average is $103.74. Cameco has a 1 year low of $39.89 and a 1 year high of $135.24. The stock has a market capitalization of $50.76 billion, a P/E ratio of 120.15 and a beta of 1.02. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.47 and a quick ratio of 1.68.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Cameco during the 4th quarter worth approximately $443,265,000. TD Asset Management Inc grew its holdings in Cameco by 116.7% in the 3rd quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company's stock valued at $388,068,000 after buying an additional 2,489,207 shares in the last quarter. Marshall Wace LLP grew its holdings in Cameco by 7,481.3% in the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock valued at $160,343,000 after buying an additional 1,729,454 shares in the last quarter. Van ECK Associates Corp raised its position in Cameco by 43.3% in the 3rd quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company's stock valued at $456,530,000 after purchasing an additional 1,644,061 shares in the last quarter. Finally, Mizuho Markets Cayman LP acquired a new stake in Cameco in the 3rd quarter valued at about $128,370,000. Institutional investors and hedge funds own 70.21% of the company's stock.

Key Cameco News

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: William Blair initiated coverage with an Outperform and a $165 fair-value estimate, a material bullish endorsement that supports a higher long-term valuation for CCJ. Read More.
• Positive Sentiment: Analysts and commentators are promoting a “buy the dip” case for Cameco (recommended buy if it trades under ~$120), which could attract opportunistic inflows on pullbacks. Read More.
• Positive Sentiment: Consensus broker guidance is tilted constructive (average recommendation of “Moderate Buy”), reinforcing institutional support for the name. Read More.
• Neutral Sentiment: Comparative coverage highlights different risk/reward profiles across uranium names (Cameco = scale & stability vs. Energy Fuels = higher growth/REE exposure); this frames CCJ as a defensive play within the sector rather than a pure growth lever. Read More.
• Negative Sentiment: Market headlines reported a larger intraday/closing drop for CCJ versus the broader market, signaling near-term selling pressure or profit-taking that weighs on momentum. Read More.
• Negative Sentiment: Scotiabank trimmed its FY2027 EPS forecast marginally (from $1.48 to $1.47), a small downward revision that modestly reduces near-term earnings optimism. Read More.

About Cameco

Cameco Corporation NYSE: CCJ is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company's operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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