#2 - Cameco Corporation (NYSE:CCJ)
Next up is Cameco Corporation (NYSE: CCJ). It’s the second largest provider of uranium fuel in the world. The company has interest in several tier-one mining and milling operations. The company has over 30 million pounds of uranium concentrates. It’s also one of the leading suppliers of uranium refining, conversion and fuel manufacturing services.
In addition to having mining operations in Canada, the company also operates mines in the United States and Kazakhstan. Like many uranium companies, the last decade or so hasn’t been kind to Cameco. But that changed in 2022. When Russia invaded Ukraine, the spot price of uranium shot up and Cameco responded by bumping up its annual production by 70% from the prior year. The company immediately set to work at securing contracts to lock in profitable rates and expects to produce approximately 20 million pounds of uranium in 2023 – that's nearly double their output in 2022.
About Cameco
Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.
Read More - Current Price
- $51.69
- Consensus Rating
- Buy
- Ratings Breakdown
- 3 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $40.25 (22.1% Downside)
