Cameco (NYSE:CCJ) Reaches New 1-Year High – Here’s Why

Cameco Co. (NYSE:CCJ) (TSE:CCO)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $61.05 and last traded at $60.28, with a volume of 860026 shares traded. The stock had previously closed at $59.45.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Glj Research reiterated a “buy” rating and set a $63.73 price target on shares of Cameco in a report on Wednesday, August 14th. Scotiabank cut their price objective on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. National Bank Financial upgraded shares of Cameco to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Janney Montgomery Scott upgraded shares of Cameco to a “strong-buy” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $66.56.

Cameco Price Performance

The business’s 50 day moving average is $53.36 and its 200-day moving average is $48.93. The firm has a market capitalization of $25.54 billion, a P/E ratio of 308.84 and a beta of 0.89. The company has a quick ratio of 1.26, a current ratio of 2.88 and a debt-to-equity ratio of 0.20.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings data on Thursday, November 7th. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.40). The business had revenue of $721.00 million during the quarter, compared to the consensus estimate of $646.83 million. Cameco had a return on equity of 3.33% and a net margin of 4.15%. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. As a group, sell-side analysts predict that Cameco Co. will post 0.51 EPS for the current fiscal year.

Cameco Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Friday, December 13th. Investors of record on Wednesday, November 27th will be issued a $0.118 dividend. This represents a dividend yield of 0.22%. The ex-dividend date of this dividend is Wednesday, November 27th. This is a positive change from Cameco’s previous annual dividend of $0.09. Cameco’s dividend payout ratio is currently 57.89%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Telemark Asset Management LLC lifted its holdings in shares of Cameco by 8.3% during the 3rd quarter. Telemark Asset Management LLC now owns 1,300,000 shares of the basic materials company’s stock worth $62,088,000 after acquiring an additional 100,000 shares during the last quarter. Moody Lynn & Lieberson LLC purchased a new position in Cameco in the 3rd quarter worth approximately $1,680,000. Swiss National Bank increased its stake in shares of Cameco by 0.9% during the third quarter. Swiss National Bank now owns 1,314,400 shares of the basic materials company’s stock valued at $62,892,000 after buying an additional 11,600 shares during the period. Tidal Investments LLC increased its stake in shares of Cameco by 15.5% during the first quarter. Tidal Investments LLC now owns 20,036 shares of the basic materials company’s stock valued at $868,000 after buying an additional 2,683 shares during the period. Finally, Country Club Bank purchased a new stake in Cameco in the third quarter worth $2,093,000. 70.21% of the stock is owned by institutional investors.

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.