ReportWire

Tag: CCJ

  • MetLife Investment Management LLC Makes New $2.13 Million Investment in Cameco Corporation $CCJ

    [ad_1]

    MetLife Investment Management LLC purchased a new stake in Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 51,770 shares of the basic materials company’s stock, valued at approximately $2,131,000.

    Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC grew its position in Cameco by 100.0% during the first quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company’s stock worth $25,000 after buying an additional 300 shares during the period. Dagco Inc. acquired a new stake in shares of Cameco in the 1st quarter worth approximately $28,000. SVB Wealth LLC purchased a new position in Cameco in the 1st quarter valued at approximately $29,000. Copia Wealth Management acquired a new position in Cameco during the fourth quarter worth $39,000. Finally, Ameriflex Group Inc. purchased a new stake in Cameco during the fourth quarter worth $40,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

    Analysts Set New Price Targets

    A number of research analysts have recently weighed in on the company. BMO Capital Markets restated an “outperform” rating on shares of Cameco in a research report on Friday. Raymond James Financial restated an “outperform” rating on shares of Cameco in a report on Wednesday, June 18th. Scotiabank reaffirmed an “outperform” rating on shares of Cameco in a report on Tuesday, July 8th. Royal Bank Of Canada increased their price target on shares of Cameco from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, The Goldman Sachs Group lifted their price objective on Cameco from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, June 11th. Three research analysts have rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $83.32.

    Get Our Latest Report on Cameco

    Cameco Price Performance

    NYSE:CCJ opened at $77.54 on Tuesday. Cameco Corporation has a 12-month low of $35.00 and a 12-month high of $83.02. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 89.13 and a beta of 1.04. The company’s 50-day moving average is $75.37 and its two-hundred day moving average is $58.09. The company has a current ratio of 2.96, a quick ratio of 2.00 and a debt-to-equity ratio of 0.15.

    Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.22. The business had revenue of $467.72 million during the quarter, compared to the consensus estimate of $819.79 million. Cameco had a net margin of 14.97% and a return on equity of 8.21%. The company’s quarterly revenue was up 46.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. Cameco has set its FY 2025 guidance at EPS. Research analysts expect that Cameco Corporation will post 1.27 EPS for the current year.

    About Cameco

    (Free Report)

    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.

    See Also

    Want to see what other hedge funds are holding CCJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO).

    Institutional Ownership by Quarter for Cameco (NYSE:CCJ)



    Receive News & Ratings for Cameco Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Cameco and related companies with MarketBeat.com’s FREE daily email newsletter.

    [ad_2]

    ABMN Staff

    Source link

  • Why uranium prices have climbed to their highest in over a decade

    Why uranium prices have climbed to their highest in over a decade

    [ad_1]

    Uranium prices have reached their highest level in more than a decade as a global supply shortage persists, with the bull market for uranium investments still in its “earliest days.”

    The market is “definitely in a structural deficit as demand is growing at a 5% annual rate and the current (2023) gap between global production and consumption remains at over 50 million pounds,” Scott Melbye, executive vice president at mining company Uranium Energy Corp.
    UEC,
    +0.78%    ,
    told MarketWatch.

    Weekly spot uranium prices stood at $72.75 a pound as of Oct. 2, the highest since February 2011, according to data from nuclear-fuel consulting firm UxC, and were last at $69 as of Oct. 9. Weekly prices have climbed nearly 45% since the end of last year.

    Weekly prices for uranium have climbed around 45% year to date, data from UxC show.


    UxC

    In late August, Jonathan Hinze, president at UxC, told MarketWatch that the market was seeing the “best set up for nuclear power expansion” that he’d ever seen. That observation still holds, he said.

    It is clear that the uranium supply/demand balance remains “extremely tight, and it will likely only get tighter” in the coming 12 to 24 months as demand continues to rise, “while new supplies are taking more time to materialize, and inventories keep getting drawn down,” he said.

    Read: Uranium prices are still ‘nowhere near the peak of the last cycle’: Here’s why nuclear energy ETFs could power your portfolio

    Since late August, financial players, including hedge and publicly traded funds active in uranium, have been quite active buying additional uranium off the spot market, said Hinze. These funds “clearly believe that prices are set to rise further, and investors are therefore adding money to their coffers to allow them to buy physical uranium.”

    This is demand that isn’t fully anticipated in the market and this has added to the overall positive demand picture, he said.

    Price pullback

    Still, Melbye pointed out that uranium prices have pulled back a bit more recently as some traders took some “very handsome profits on their accumulated long positions.”

    That pullback may have also come as an “overreaction,” he said, to news from Kazakhstan, which produced the world’s largest share of uranium from mines in 2022, according to the World Nuclear Association. Kazatomprom, Kazakhstan’s national operator for the export and import of uranium, announced in late September a return to full production in 2025 to meet global nuclear energy demand.

    Melbye believes there was an overreaction in uranium prices because “this will ultimately have little impact on Western supply and demand as most analysts had them producing close to those levels by that time in their forecasts.”

    Even with that production assumption, the market is “still dramatically undersupplied,” and based on Melbye’s estimation, requires eight to 10 new mines starting up globally by 2030, he said.

    And while uranium has been among the best performing commodities year to date, it has only recently reached the level which “incentivizes the world’s best mines,” he said.

    This bull market in uranium investments is “still in its earliest days,” said Melbye.

    Among the exchange-traded funds, the Global X Uranium ETF
    URA
    has gained more than 25% on the year through Friday afternoon, while the Sprott Uranium Miners ETF
    URNM
    has added almost 36%. The Sprott Physical Uranium Trust
    SRUUF,
    a closed-end fund, trades nearly 39% higher.

    Broader new mine developments with significant capital investments in an inflationary environment require higher prices to move ahead, Melbye said. “Even at those levels, the long lead times needed to achieve these necessary start ups could leave the market in a short squeeze for several years.”

    The recent spot market move lower in prices marks a “temporary pause, and not a peak,” he said. “Buyers should be active on this welcome dip.”

    Supply ‘challenges’

    Contributing to supply concerns, a July coup has disrupted mining operations in the country of Niger in West Africa. Niger produced just over 4% of the world’s uranium in 2022, according to World Nuclear News. 

    The coup caused borders to close, and major uranium mine and mill operation called Somair has been halted, said UxC’s Hinze. The mine, operated by the French company Orano, sells most of uranium to customers in Europe, he said.

    Meanwhile, Cameco Corp.
    CCJ,
    +0.64%    ,
    one of the world’s largest providers of uranium, said it’s encountered challenges at its mine and milling operation in Canada. The company now expects to produce nearly 3 million pounds of uranium concentrate less this year than previously anticipated, said Hinze.

    “These production challenges add to the overall view that the supply/demand balance is very tight and will get even tighter,” he said.

    [ad_2]

    Source link