Ninepoint Partners LP Increases Position in Cameco Corporation $CCJ

Ninepoint Partners LP grew its holdings in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) by 128.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 114,369 shares of the basic materials company’s stock after purchasing an additional 64,369 shares during the period. Cameco makes up approximately 1.3% of Ninepoint Partners LP’s holdings, making the stock its 12th largest position. Ninepoint Partners LP’s holdings in Cameco were worth $9,591,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CCJ. MGB Wealth Management LLC increased its position in Cameco by 5.1% during the 3rd quarter. MGB Wealth Management LLC now owns 9,924 shares of the basic materials company’s stock valued at $833,000 after buying an additional 485 shares in the last quarter. Choreo LLC boosted its holdings in Cameco by 13.4% in the third quarter. Choreo LLC now owns 8,541 shares of the basic materials company’s stock worth $716,000 after acquiring an additional 1,008 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Cameco by 3.8% in the third quarter. Intech Investment Management LLC now owns 500,699 shares of the basic materials company’s stock worth $42,031,000 after acquiring an additional 18,261 shares during the last quarter. US Bancorp DE increased its holdings in shares of Cameco by 4.5% during the third quarter. US Bancorp DE now owns 29,381 shares of the basic materials company’s stock valued at $2,464,000 after acquiring an additional 1,274 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Cameco by 116.7% in the 3rd quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock worth $388,068,000 after purchasing an additional 2,489,207 shares in the last quarter. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CCJ. National Bank Financial reaffirmed an “outperform” rating on shares of Cameco in a research report on Thursday, November 6th. Royal Bank Of Canada lifted their price objective on Cameco from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday, February 17th. Raymond James Financial reiterated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. Zacks Research cut Cameco from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Wall Street Zen downgraded Cameco from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $143.03.

Cameco Price Performance

CCJ stock opened at $118.36 on Friday. The company has a fifty day simple moving average of $111.91 and a two-hundred day simple moving average of $94.75. The company has a quick ratio of 1.68, a current ratio of 2.47 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $51.55 billion, a P/E ratio of 122.02 and a beta of 0.99. Cameco Corporation has a 52 week low of $35.00 and a 52 week high of $135.24.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings data on Friday, February 13th. The basic materials company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $874.57 million for the quarter, compared to analysts’ expectations of $782.13 million. Cameco had a return on equity of 9.35% and a net margin of 17.00%.The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. Analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

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.