Cameco (NYSE:CCJ) Sees Large Volume Increase - What's Next?

Cameco Co. (NYSE:CCJ) experienced a notable surge in trading volume recently, with around 4,285,750 shares exchanged on Monday. This marks a 4% increase from the prior session, where the volume stood at 4,118,997 shares. The stock was priced at $50.68, having dropped from its previous close of $56.00.

Analyst Updates

In terms of analyst ratings, Janney Montgomery Scott upgraded Cameco to a "strong-buy" in a recent note released on October 4. Out of the analysts covering the stock, one has given it a sell rating, five have a buy rating, and two classify it as a strong buy. As per MarketBeat, the current consensus rating for Cameco is "Buy," with an average price target of $66.56.

Cameco's Recent Performance

Despite the uptick in volume, Cameco saw a significant 12.3% decline in its stock price. The company currently boasts a market capitalization of $21.39 billion, a price-to-earnings (PE) ratio of 259.68, and a beta of 0.95. Its quick ratio is at 1.26, the current ratio is a favorable 2.88, and the debt-to-equity ratio stands at 0.20. The fifty-day moving average for the stock is $54.70, while the two-hundred-day moving average is $49.39.

Quarterly Earnings Report

Cameco recently released its quarterly earnings report on November 7. In this quarter, the company reported earnings per share (EPS) of ($0.01), which fell short of analysts' expectations of $0.39 by a margin of ($0.40). The firm's total revenue for the quarter was $721 million, exceeding the consensus estimate of $646.83 million. Year-over-year, the company's revenue rose by 25.4%. In the same quarter last year, Cameco posted an EPS of $0.24. Analysts predict that Cameco is likely to achieve an EPS of 0.47 for the current year.

Dividend Announcement

Cameco has also increased its annual dividend, which was distributed on December 13. Shareholders registered as of November 27 received a dividend of $0.118, an increase from the previous annual dividend of $0.09. This new dividend represents a yield of 0.22%, and Cameco's dividend payout ratio is 63.16%.

Institutional Investments

Various institutional investors and hedge funds have been active in adjusting their positions in Cameco. For instance, CIBC Asset Management Inc. raised its holding in Cameco by 58% in the third quarter, now owning 3,777,866 shares valued at $181.38 million after buying an additional 1,386,639 shares. Additionally, M&G PLC entered a new stake in Cameco valued at around $66.23 million in the same period. Other institutions like Segra Capital Management LLC and Massachusetts Financial Services Co. have also increased their shares in the company. Overall, institutional ownership of Cameco stands at 70.21%.

About Cameco

Cameco Corporation specializes in supplying uranium, essential for electricity generation, and functions through its distinct segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment focuses on exploring, mining, milling, and trading uranium concentrate, while the Fuel Services segment handles refining, conversion, and fabrication of uranium concentrate.

Cameco, Stocks, Volume