Cameco (NYSE:CCJ) Reaches New 1-Year High – Should You Buy?

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) hit a new 52-week high on Monday . The stock traded as high as $70.80 and last traded at $70.56, with a volume of 2886560 shares changing hands. The stock had previously closed at $66.66.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CCJ. Scotiabank reiterated an “outperform” rating on shares of Cameco in a research report on Wednesday, May 14th. Desjardins initiated coverage on shares of Cameco in a report on Friday, April 4th. They issued a “buy” rating on the stock. Stifel Nicolaus initiated coverage on Cameco in a research report on Wednesday, March 12th. They set a “buy” rating for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Cameco in a research report on Tuesday, March 4th. Finally, Glj Research reaffirmed a “buy” rating and set a $75.27 price target on shares of Cameco in a research report on Thursday, June 12th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $75.63.

Cameco Trading Down 0.0%

The firm’s 50 day simple moving average is $51.96 and its 200-day simple moving average is $49.65. The company has a quick ratio of 1.26, a current ratio of 2.70 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $30.18 billion, a PE ratio of 173.34 and a beta of 0.97.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its earnings results on Thursday, May 1st. The basic materials company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). The company had revenue of $549.58 million for the quarter, compared to analysts’ expectations of $890.07 million. Cameco had a net margin of 7.50% and a return on equity of 4.47%. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 earnings per share. As a group, equities research analysts anticipate that Cameco Corporation will post 1.27 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Nicola Wealth Management LTD. lifted its holdings in Cameco by 13.9% in the 1st quarter. Nicola Wealth Management LTD. now owns 41,000 shares of the basic materials company’s stock worth $1,688,000 after buying an additional 5,000 shares in the last quarter. Militia Capital Partners LP boosted its stake in Cameco by 24.2% during the 1st quarter. Militia Capital Partners LP now owns 6,680 shares of the basic materials company’s stock valued at $275,000 after acquiring an additional 1,300 shares during the last quarter. Turn8 Private Wealth Inc. increased its holdings in shares of Cameco by 35.4% in the 1st quarter. Turn8 Private Wealth Inc. now owns 64,453 shares of the basic materials company’s stock valued at $2,654,000 after acquiring an additional 16,861 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Cameco by 37.3% in the first quarter. Geneos Wealth Management Inc. now owns 12,026 shares of the basic materials company’s stock worth $495,000 after purchasing an additional 3,268 shares during the period. Finally, Belpointe Asset Management LLC bought a new stake in shares of Cameco in the 1st quarter worth approximately $891,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Company Profile

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.