Cameco (NYSE:CCJ) Releases Earnings Results, Misses Expectations By $0.13 EPS

Cameco (NYSE:CCJ) (TSE:CCO) posted its quarterly earnings data on Friday. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13), Zacks reports. The firm had revenue of $573.06 million during the quarter, compared to the consensus estimate of $579.58 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.Cameco’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 EPS.

Here are the key takeaways from Cameco’s conference call:

• 2026 production guidance remains unchanged at Cameco’s share of 19.5–21.5 million pounds of U₃O₈, despite temporary disruptions at Key Lake, McArthur River, and Cigar Lake.
• Uranium market conditions continued to strengthen, with long-term prices reaching decade highs and realized uranium and fuel-services prices improving. Cameco said it remains disciplined and selective, increasing contracting only where pricing and downside protection support long-term value.
• Second-quarter and first-half financial results were below the prior year, primarily because 2025 included a significant Westinghouse payment tied to the Dukovany reactor project. Cost guidance was also raised modestly, mainly due to foreign-exchange effects on purchases.
• Westinghouse disclosed a pipeline of 91 potential AP1000 reactors and is advancing definitive agreements related to the U.S. Department of Energy’s $17.5 billion conditional commitment to support long-lead-item procurement, which could accelerate U.S. nuclear deployment.
• Cameco highlighted its increased ownership in the high-grade Cigar Lake mine and strategic exposure to the nuclear fuel cycle through Westinghouse and Global Laser Enrichment, positioning the company to benefit from rising demand for nuclear power and fuel security.

Cameco Trading Down 2.4%

Cameco stock traded down $2.12 during trading on Friday, reaching $86.11. 5,594,015 shares of the company were exchanged, compared to its average volume of 3,632,703. Cameco has a 52-week low of $68.96 and a 52-week high of $135.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09. The stock’s 50 day simple moving average is $99.45 and its two-hundred day simple moving average is $109.91. The company has a market capitalization of $37.50 billion, a P/E ratio of 79.73, a PEG ratio of 1.39 and a beta of 1.02.

Wall Street Analyst Weigh In

CCJ has been the topic of a number of research analyst reports. Scotiabank restated an “outperform” rating and set a $175.00 price objective on shares of Cameco in a research report on Wednesday, May 6th. Truist Financial began coverage on shares of Cameco in a report on Monday, July 13th. They issued a “buy” rating and a $129.00 target price on the stock. Sanford C. Bernstein reiterated an “outperform” rating and issued a $135.00 target price on shares of Cameco in a research note on Monday, June 15th. Weiss Ratings downgraded shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Finally, Royal Bank Of Canada raised their target price on shares of Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Cameco has an average rating of “Moderate Buy” and a consensus target price of $146.18.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP increased its stake in Cameco by 7,481.3% during the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock worth $160,343,000 after buying an additional 1,729,454 shares during the period. Man Group plc increased its stake in Cameco by 126.3% in the third quarter. Man Group plc now owns 1,698,728 shares of the basic materials company’s stock valued at $142,455,000 after purchasing an additional 948,068 shares during the last quarter. Corient Private Wealth LLC lifted its position in Cameco by 1,339.8% in the fourth quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company’s stock valued at $88,247,000 after acquiring an additional 897,558 shares during the last quarter. Sourcerock Group LLC purchased a new stake in shares of Cameco in the 2nd quarter valued at about $43,242,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Cameco by 42.8% in the fourth quarter. Mackenzie Financial Corp now owns 1,278,002 shares of the basic materials company’s stock valued at $116,542,000 after acquiring an additional 382,830 shares during the period. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Key Cameco News

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: Westinghouse IPO could unlock value: Westinghouse, the nuclear-services venture backed by Cameco and Brookfield, confidentially submitted a draft registration statement for a proposed initial public offering. The transaction could highlight the value of Cameco’s nuclear-fuel-cycle investments and potentially provide capital for growth. Cameco Announces Westinghouse IPO Filing
• Positive Sentiment: Long-term nuclear outlook remains favorable: Cameco said its production outlook is unchanged and cited growing government and utility support for nuclear power as a factor supporting stronger uranium prices over time. Its positioning across uranium mining, fuel processing and Westinghouse gives the company exposure to multiple parts of the nuclear-energy supply chain. Cameco Second-Quarter Results
• Neutral Sentiment: Revenue guidance broadly aligns with estimates: Cameco issued 2026 revenue guidance of approximately $2.4 billion to $2.6 billion, compared with consensus near $2.4 billion. The range offers some upside potential but did not provide a clear positive earnings catalyst.
• Negative Sentiment: Second-quarter earnings missed forecasts: Cameco reported quarterly EPS below the analyst consensus—approximately $0.13 to $0.18 per share, depending on the reporting measure, versus estimates around $0.25 to $0.26. Earnings were also sharply below the prior-year period, while revenue declined 6.8% year over year. Cameco Earnings Report
• Negative Sentiment: Bearish options activity increased: Traders purchased 26,363 put options, about 28% above the average volume. This points to heightened demand for downside protection or bearish speculation, adding pressure to sentiment, though it is not conclusive evidence of future performance.

About Cameco

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.