Cameco (NYSE:CCJ) Trading Down 3% - Here's Why

On Monday, shares of Cameco Corporation (NYSE:CCJ) experienced a 3% decline, trading as low as $50.16 and closing at $50.93. During mid-day trading, around 1,731,752 shares changed hands, marking a significant drop in trading volume compared to the average daily volume of 4,394,276 shares. The previous closing price stood at $52.50.

Recent Analyst Ratings Change

Analysts have recently expressed varying views on Cameco's stock performance. Notably, Cantor Fitzgerald upgraded Cameco from a "neutral" rating to an "overweight" rating on July 31st. Glj Research reiterated a "buy" rating with a price target of $63.73 in an August 14th report. Furthermore, National Bank Financial upgraded Cameco to a "strong-buy" rating on September 3rd. Scotiabank, however, reduced its price target from $81.00 to $80.00 while maintaining an "outperform" rating in an August 19th report. Moreover, Janney Montgomery Scott also classified Cameco as a "strong-buy" on October 4th. Overall, investors can find one sell rating, five buy ratings, and two strong buy ratings among analysts. The consensus rating stands at "Buy" with a target price set at $66.56, according to MarketBeat data.

Cameco Stock Insights

Cameco currently holds a healthy current ratio of 3.22 and a quick ratio of 1.48, with a debt-to-equity ratio of 0.23. The company's 50-day and 200-day simple moving averages are $47.19 and $48.05, respectively. With a market capitalization of approximately $22.44 billion, Cameco has a PE ratio of 118.44 and a beta value of 0.89, indicating relatively lower volatility compared to the market.

Institutional Ownership

Several institutional investors have adjusted their holdings in Cameco recently. BNP Paribas took a new stake in Cameco during the first quarter, valued at $93,000. Daiwa Securities Group Inc. significantly increased its ownership by 207.3% in the same quarter. Additionally, Wellington Shields Capital Management LLC grew its stake by 6.2%, bringing its total to 13,700 shares worth $594,000. Larson Financial Group LLC also elevated its holdings by nearly 99.3% during this period. The stock is predominantly held by institutional investors, accounting for 70.21% of its total shares.

About Cameco Corporation

Cameco Corporation plays a vital role in providing uranium essential for electricity generation. The company operates through various segments including Uranium, Fuel Services, and Westinghouse. The Uranium segment focuses on uranium exploration, mining and milling, as well as the purchasing and selling of uranium concentrate. In contrast, the Fuel Services segment is involved in refining, converting, and fabricating uranium concentrate, along with offering and acquiring conversion services.

Conclusion

As Cameco's shares experience fluctuations, potential investors should consider recent analyst ratings and the company's fundamentals before making investment decisions.

Cameco, Stock, Analysts