Cameco (NYSE:CCJ) Stock Price Target Cut by Barclays

Cameco (NYSE:CCJ) (TSE:CCO) had its price target reduced by Barclays from $95.00 to $89.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Barclays‘s price objective points to a potential upside of 20.25% from the company’s current price.

Other analysts also recently issued reports about the company. Truist Financial lowered their price objective on Cameco from $130.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Wall Street Zen cut Cameco from a “hold” rating to a “sell” rating in a research report on Saturday, September 19th. Jefferies Financial Group assumed coverage on Cameco in a report on Thursday, September 3rd. They set a “buy” rating and a $138.00 price target for the company. Bank of America dropped their price objective on Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Zacks Research downgraded shares of Cameco from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cameco has an average rating of “Moderate Buy” and an average price target of $147.38.

Cameco Stock Down 3.8%

NYSE CCJ traded down $2.90 during trading hours on Monday, hitting $74.01. The company’s stock had a trading volume of 3,259,040 shares, compared to its average volume of 3,525,746. Cameco has a 52 week low of $73.88 and a 52 week high of $135.24. The company has a market capitalization of $32.23 billion, a PE ratio of 112.27, a price-to-earnings-growth ratio of 1.55 and a beta of 1.19. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The company’s 50-day simple moving average is $90.63 and its two-hundred day simple moving average is $104.19.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). The company had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a net margin of 11.44% and a return on equity of 7.04%. Cameco’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 EPS. Research analysts anticipate that Cameco will post 1.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Cameco

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE purchased a new stake in shares of Cameco during the second quarter valued at approximately $735,498,000. Canada Pension Plan Investment Board bought a new stake in Cameco during the second quarter worth $420,346,000. BlackRock Inc. bought a new stake in Cameco during the second quarter worth $381,091,000. Cibc World Market Inc. purchased a new position in Cameco in the second quarter worth $354,022,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cameco in the second quarter worth $301,990,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

About Cameco

Cameco Corporation is a Canadian uranium company that explores for, mines, processes and supplies uranium used to generate nuclear power. The company produces uranium concentrates, commonly known as yellowcake, which are sold to nuclear utilities and other customers for conversion into nuclear fuel.

Cameco’s principal mining operations are located in northern Saskatchewan, including the McArthur River and Cigar Lake mines. It also operates the Key Lake uranium mill and has interests in uranium assets in Kazakhstan through the Inkai joint venture.