Cameco (NYSE:CCJ) Shares Down 2.4% – Here’s What Happened

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) dropped 2.4% during mid-day trading on Friday . The company traded as low as $70.82 and last traded at $73.14. Approximately 2,528,784 shares were traded during trading, a decline of 48% from the average daily volume of 4,827,982 shares. The stock had previously closed at $74.93.

Wall Street Analyst Weigh In

CCJ has been the subject of a number of analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Cameco in a research note on Wednesday, June 18th. Scotiabank reissued an “outperform” rating on shares of Cameco in a research note on Tuesday, July 8th. Royal Bank Of Canada increased their target price on Cameco from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday. Wall Street Zen raised Cameco from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Glj Research reissued a “buy” rating and set a $75.27 target price on shares of Cameco in a research note on Thursday, June 12th. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $82.65.

Cameco Trading Down 2.6%

The firm has a market cap of $31.77 billion, a price-to-earnings ratio of 83.87 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.26 and a current ratio of 2.70. The business has a fifty day moving average of $70.40 and a two-hundred day moving average of $54.38.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.22. The business had revenue of $467.72 million for the quarter, compared to analysts’ expectations of $819.79 million. Cameco had a return on equity of 8.34% and a net margin of 14.97%. The company’s revenue was up 46.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS. As a group, equities analysts expect that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Capital Wealth Advisors acquired a new stake in Cameco during the 4th quarter valued at $839,000. Kayne Anderson Capital Advisors LP grew its holdings in Cameco by 41.6% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 40,407 shares of the basic materials company’s stock valued at $1,663,000 after buying an additional 11,879 shares during the last quarter. Nicholson Meyer Capital Management Inc. acquired a new stake in Cameco during the 1st quarter valued at $350,000. Balefire LLC grew its holdings in Cameco by 42.9% during the 1st quarter. Balefire LLC now owns 33,601 shares of the basic materials company’s stock valued at $1,383,000 after buying an additional 10,081 shares during the last quarter. Finally, Galibier Capital Management Ltd. acquired a new stake in Cameco during the 1st quarter valued at $11,655,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

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.