Zacks Investment Research cut shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) from a hold rating to a strong sell rating in a research note published on Tuesday.
According to Zacks, “Cameco Corporation is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two CANDU fuel manufacturers in Canada. Their competitive position is based on their controlling ownership of the world’s largest high-grade reserves and low-cost operations. Their uranium products are used to generate clean electricity in nuclear power plants around the world. They also explore for uranium in the Americas, Australia and Asia. Their shares trade on the Toronto and New York stock exchanges. Their head office is in Saskatoon, Saskatchewan. “
A number of other research analysts have also weighed in on CCJ. Credit Suisse Group reissued a neutral rating on shares of Cameco Corporation in a report on Tuesday, April 18th. BidaskClub lowered Cameco Corporation from a sell rating to a strong sell rating in a report on Saturday, June 17th. Royal Bank Of Canada initiated coverage on Cameco Corporation in a report on Thursday, June 29th. They set an outperform rating and a $16.00 target price on the stock. Finally, Bank of America Corporation lowered Cameco Corporation from a neutral rating to an underperform rating in a report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $14.62.
Shares of Cameco Corporation (CCJ) traded down 0.243% during midday trading on Tuesday, hitting $10.255. 771,721 shares of the stock traded hands. Cameco Corporation has a 12-month low of $7.41 and a 12-month high of $13.36. The firm’s 50 day moving average price is $9.63 and its 200 day moving average price is $10.49. The company’s market capitalization is $4.06 billion.
Cameco Corporation (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Thursday, July 27th. The basic materials company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The business had revenue of $470 million for the quarter, compared to analyst estimates of $383.81 million. Cameco Corporation had a positive return on equity of 2.59% and a negative net margin of 0.75%. The firm’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.14) EPS. Analysts expect that Cameco Corporation will post $0.32 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.0799 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.11%. This is a positive change from Cameco Corporation’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Thursday, September 28th. Cameco Corporation’s dividend payout ratio is currently -999.67%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN raised its position in shares of Cameco Corporation by 148.4% in the first quarter. Wells Fargo & Company MN now owns 570,330 shares of the basic materials company’s stock worth $6,314,000 after buying an additional 340,746 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Cameco Corporation by 5.7% in the first quarter. Russell Investments Group Ltd. now owns 4,782,400 shares of the basic materials company’s stock worth $52,862,000 after buying an additional 258,064 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Cameco Corporation during the first quarter worth approximately $116,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in shares of Cameco Corporation during the first quarter worth approximately $113,000. Finally, Bank of The West purchased a new position in shares of Cameco Corporation during the first quarter worth approximately $116,000. 56.48% of the stock is currently owned by hedge funds and other institutional investors.
Cameco Corporation Company Profile
Cameco Corporation (Cameco) is a uranium producer. The Company is primarily engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company operates through three segments: uranium, fuel services and NUKEM.
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