Stock Traders Purchase High Volume of Put Options on Cameco (NYSE:CCJ)

Cameco Corporation (NYSE:CCJ) (TSE:CCO) was the target of unusually large options trading on Monday. Investors purchased 28,800 put options on the stock. This is an increase of 36% compared to the typical daily volume of 21,232 put options.

Cameco Stock Performance

CCJ opened at $91.68 on Wednesday. The company has a 50 day simple moving average of $105.73 and a two-hundred day simple moving average of $110.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09. The firm has a market cap of $39.93 billion, a P/E ratio of 84.89, a PEG ratio of 1.59 and a beta of 1.02. Cameco has a 1-year low of $68.96 and a 1-year high of $135.24.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, beating 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 the consensus estimate of $598.63 million. During the same period last year, the firm earned $0.16 EPS. The company’s revenue was up 7.1% on a year-over-year basis. Equities analysts forecast that Cameco will post 1.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CCJ has been the subject of several research reports. Weiss Ratings lowered shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Sanford C. Bernstein restated an “outperform” rating and set a $135.00 target price on shares of Cameco in a research report on Monday, June 15th. Truist Financial assumed coverage on shares of Cameco in a report on Monday. They set a “buy” rating and a $129.00 target price for the company. Bank of America decreased their price target on shares of Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.52.

Cameco News Summary

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: Some analysts remain constructive on Cameco, pointing to strong uranium production, diversification from Westinghouse and Fuel Services, and a high price target that implies meaningful upside. Cameco Q2 Preview: Earnings Could Restart The Nuclear Rally
• Neutral Sentiment: Coverage comparing Cameco with Energy Fuels argued that CCJ is a weaker uranium opportunity today, though the view was based more on relative fundamentals than a fresh company-specific event. UUUU vs. CCJ: Which Uranium Stock Offers the Better Opportunity Today?
• Neutral Sentiment: A Seeking Alpha article also argued that Wall Street may be paying too much for Cameco’s long-term nuclear growth story, adding to the debate around valuation rather than changing the underlying business outlook. Cameco: Wall Street Is Paying Too Much For A Nuclear Dream
• Negative Sentiment: Investor concern increased after Cameco’s temporary Cigar Lake mining suspension, which raised questions about near-term production reliability and helped push the stock lower. Cameco Falls as Investors Weigh Mine Disruption and Softer Uranium Sentiment
• Negative Sentiment: Unusual trading in CCJ put options suggests traders were positioning for more downside, reinforcing the cautious tone around the stock.

Hedge Funds Weigh In On Cameco

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Cameco by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock worth $1,653,639,000 after purchasing an additional 258,193 shares in the last quarter. Capital World Investors lifted its holdings in Cameco by 0.3% in the 4th quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company’s stock worth $1,240,047,000 after purchasing an additional 41,430 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cameco by 0.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company’s stock worth $1,089,080,000 after purchasing an additional 85,762 shares in the last quarter. Van ECK Associates Corp boosted its stake in Cameco by 15.6% in the 4th quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company’s stock worth $575,771,000 after purchasing an additional 849,188 shares during the period. Finally, Morgan Stanley boosted its stake in Cameco by 7.0% in the 4th quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock worth $455,468,000 after purchasing an additional 323,693 shares during the period. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Company Profile

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.