Cameco (NYSE:CCJ) Trading 5% Higher on Analyst Upgrade

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s stock price rose 5% during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $65.00 to $78.00. The Goldman Sachs Group currently has a buy rating on the stock. Cameco traded as high as $67.41 and last traded at $67.01. Approximately 3,051,178 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 4,669,844 shares. The stock had previously closed at $63.83.

CCJ has been the subject of a number of other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Cameco in a report on Tuesday, March 4th. Desjardins initiated coverage on shares of Cameco in a report on Friday, April 4th. They issued a “buy” rating for the company. Stifel Canada raised shares of Cameco to a “strong-buy” rating in a report on Wednesday, March 12th. Scotiabank reaffirmed an “outperform” rating on shares of Cameco in a report on Wednesday, May 14th. Finally, Sanford C. Bernstein set a $70.00 target price on shares of Cameco and gave the company an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $75.63.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sierra Ocean LLC purchased a new stake in Cameco in the 4th quarter worth approximately $25,000. Hurley Capital LLC purchased a new stake in Cameco in the 4th quarter worth approximately $27,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Cameco in the 4th quarter worth approximately $28,000. Manchester Capital Management LLC grew its stake in Cameco by 100.0% in the 1st quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 300 shares during the period. Finally, Whipplewood Advisors LLC purchased a new stake in Cameco in the 4th quarter worth approximately $33,000. 70.21% of the stock is owned by hedge funds and other institutional investors.

Cameco Price Performance

The stock has a market capitalization of $28.79 billion, a PE ratio of 236.21 and a beta of 0.97. The company’s 50 day simple moving average is $50.11 and its 200 day simple moving average is $49.51. The company has a current ratio of 2.88, a quick ratio of 1.26 and a debt-to-equity ratio of 0.20.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Thursday, May 1st. The basic materials company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.07). The business had revenue of $549.58 million for the quarter, compared to analyst estimates of $890.07 million. Cameco had a net margin of 5.39% and a return on equity of 4.34%. The business’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 EPS. On average, equities analysts anticipate that Cameco Co. will post 1.27 earnings per share for the current year.

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.