Norges Bank Makes New Investment in Uranium Energy Corp. $UEC

Norges Bank purchased a new position in shares of Uranium Energy Corp. (NYSEAMERICAN:UEC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,104,378 shares of the basic materials company’s stock, valued at approximately $118,019,000. Norges Bank owned about 2.09% of Uranium Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Uranium Energy by 34.5% in the third quarter. Vanguard Group Inc. now owns 35,726,216 shares of the basic materials company’s stock worth $476,588,000 after buying an additional 9,159,024 shares during the period. Pinnacle Associates Ltd. lifted its position in shares of Uranium Energy by 38.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 1,463,561 shares of the basic materials company’s stock valued at $19,524,000 after buying an additional 404,799 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of Uranium Energy during the 4th quarter valued at approximately $4,076,000. Massachusetts Financial Services Co. MA purchased a new stake in Uranium Energy in the 4th quarter worth approximately $22,260,000. Finally, Black Swift Group LLC purchased a new stake in Uranium Energy in the 3rd quarter worth approximately $1,735,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

UEC has been the topic of several analyst reports. Roth Mkm set a $17.00 price target on shares of Uranium Energy in a report on Wednesday, March 11th. HC Wainwright reissued a “buy” rating and issued a $26.75 price objective on shares of Uranium Energy in a research note on Wednesday, May 20th. Finally, TD Securities decreased their price objective on shares of Uranium Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.66.

Uranium Energy Price Performance

Uranium Energy stock opened at $14.14 on Friday. Uranium Energy Corp. has a 1 year low of $5.90 and a 1 year high of $20.34. The firm’s 50 day moving average price is $14.08 and its 200-day moving average price is $14.31. The stock has a market cap of $6.93 billion, a P/E ratio of -117.83 and a beta of 1.12.

Uranium Energy (NYSEAMERICAN:UEC) last posted its earnings results on Tuesday, March 10th. The basic materials company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $20.20 million for the quarter, compared to analysts’ expectations of $12.85 million. As a group, equities analysts expect that Uranium Energy Corp. will post -0.12 EPS for the current year.

Uranium Energy Company Profile

Uranium Energy Corp. is a uranium mining and exploration company focused on the development and production of uranium through in-situ recovery (ISR) methods. The company’s core activities include operating ISR projects, advancing exploration properties, and engaging in joint ventures to secure uranium supply for nuclear power generation. Uranium Energy’s approach emphasizes environmentally conscious extraction techniques that minimize land disturbance and water usage compared with conventional mining.

The company’s primary producing asset is the Hobson ISR facility in South Texas, which commenced production to supply uranium concentrate to nuclear utilities.