Cameco Corporation (NYSE:CCJ) - A Pure Play in Nuclear Energy

PUBLISHED Jul 21, 2023, 3:34:22 PM        SHARE

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According to Mike Cintolo, editor of Cabot Top Ten Trader and a well-known expert on growth stocks, nuclear energy has gained popularity recently as countries around the world look for carbon-free alternatives to produce electricity.

A plan that would hasten the deployment of a new fleet of cutting-edge nuclear reactors has just been authorized by a U.S. Senate committee and is expected to become law if it is. The likelihood that Cameco's (CCJ), one of the biggest uranium miners in the world, will be able to supply enough energy to meet the growing demand helped the company's shares rise after the decision was positive.

More than doubling its output from the prior year, Cameco produced 4.5 million pounds of uranium in the first quarter, with a three million-pound production ramp at its McArthur River mine.

This resulted in a quarter with revenue of around $690 million (up 73%), and EPS of 27 cents, which exceeded expectations by 11 cents. According to the top brass, recent legislative actions in five of the G7 countries in favour of the nuclear energy industry would create a sizable tailwind for many years and promote "full-cycle demand growth" for nuclear power and the uranium needed to run reactors.

What does it mean for Value investors?

The median price objective among the 8 analysts who are providing 12-month price projections for Cameco Corp. is 37.12, with a high estimate of 37.99 and a low estimate of 35.39. From the most recent price of 31.83, the median projection reflects a gain of +16.63%.

Analyst Recommendation Currently, the consensus among the nine investment analysts surveyed is to buy Cameco Corp. shares. Since March, when it remained unchanged from a buy rating, this rating has been stable. #valueinvestment

CCJ, Buy

Cameco Corp.
Return: 58.55%

CCJ, Buy

Return: 58.55%


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