Cameco (NYSE:CCJ) Stock Price Up 2% – Still a Buy?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price shot up 2% during mid-day trading on Wednesday . The company traded as high as $121.23 and last traded at $120.10. 2,847,811 shares traded hands during trading, a decline of 37% from the average session volume of 4,513,719 shares. The stock had previously closed at $117.79.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings raised Cameco from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Glj Research restated a “buy” rating and set a $171.20 price objective (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $131.00 price objective on shares of Cameco in a report on Wednesday, February 4th. Royal Bank Of Canada raised their target price on shares of Cameco from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, February 17th. Finally, Raymond James Financial restated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $143.03.

Cameco Stock Up 2.0%

The firm has a market cap of $52.31 billion, a price-to-earnings ratio of 123.81 and a beta of 0.98. The business has a fifty day simple moving average of $113.08 and a 200 day simple moving average of $95.65. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.47 and a quick ratio of 1.68.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Friday, February 13th. The basic materials company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.29 by $0.07. The firm had revenue of $874.57 million during 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 business earned $0.36 earnings per share. As a group, equities analysts forecast that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Cameco during the 4th quarter valued at about $443,265,000. TD Asset Management Inc grew its holdings in shares of Cameco by 116.7% in the third quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after purchasing an additional 2,489,207 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Cameco by 41.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company’s stock worth $524,988,000 after buying an additional 2,071,373 shares during the period. Marshall Wace LLP lifted its holdings in 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 worth $160,343,000 after buying an additional 1,729,454 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in 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 worth $456,530,000 after buying an additional 1,644,061 shares in the last quarter. 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.