Cameco (NYSE:CCJ) Shares Up 7% – Time to Buy?

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) rose 7% on Tuesday . The stock traded as high as $114.36 and last traded at $120.5590. Approximately 2,657,457 shares traded hands during trading, a decline of 12% from the average daily volume of 3,018,333 shares. The stock had previously closed at $112.7140.

Analyst Ratings Changes

CCJ has been the topic of several recent analyst reports. Zacks Research lowered shares of Cameco from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 18th. Glj Research reaffirmed a “buy” rating and issued a $171.20 price objective (up from $100.00) on shares of Cameco in a research report on Wednesday, February 18th. Canadian Imperial Bank of Commerce raised their price target on shares of Cameco to $202.00 in a research report on Monday, March 9th. William Blair started coverage on shares of Cameco in a research report on Monday, April 20th. They set an “outperform” rating for the company. Finally, Barclays started coverage on shares of Cameco in a report on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $148.62.

Cameco Trading Up 7.1%

The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $113.12 and its 200 day simple moving average is $107.90. The stock has a market capitalization of $52.51 billion, a P/E ratio of 111.63, a PEG ratio of 1.90 and a beta of 0.99.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The firm had revenue of $607.49 million for the quarter, compared to analysts’ expectations of $598.63 million. During the same period in the previous year, the business earned $0.16 earnings per share. Cameco’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Cameco Corporation will post 1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Cameco

A number of institutional investors have recently bought and sold shares of CCJ. Norges Bank purchased a new position in Cameco in the 4th quarter worth about $443,265,000. TD Asset Management Inc lifted its holdings in shares of Cameco by 116.7% during 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 during the last quarter. Marshall Wace LLP lifted its holdings in shares of Cameco by 7,481.3% during 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 during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Cameco by 43.3% during 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 buying an additional 1,644,061 shares during the last quarter. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of Cameco during the 3rd quarter valued at about $128,370,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

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.