Royal Bank Of Canada Issues Positive Forecast for Cameco (NYSE:CCJ) Stock Price

Cameco (NYSE:CCJ) (TSE:CCO) had its price target lifted by investment analysts at Royal Bank Of Canada from $100.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 50.75% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Scotiabank reissued an “outperform” rating on shares of Cameco in a research report on Tuesday, July 8th. The Goldman Sachs Group lifted their price objective on Cameco from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, June 11th. Raymond James Financial reissued an “outperform” rating on shares of Cameco in a research report on Wednesday, June 18th. UBS Group reissued a “buy” rating on shares of Cameco in a research report on Tuesday, June 10th. Finally, Wall Street Zen raised Cameco from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $82.65.

Cameco Price Performance

NYSE CCJ opened at $72.97 on Friday. Cameco has a fifty-two week low of $35.00 and a fifty-two week high of $80.32. The stock’s 50-day moving average is $70.40 and its two-hundred day moving average is $54.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.70 and a quick ratio of 1.26. The firm has a market cap of $31.77 billion, a P/E ratio of 83.87 and a beta of 1.06.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.22. Cameco had a return on equity of 8.34% and a net margin of 14.97%. The business had revenue of $467.72 million for the quarter, compared to the consensus estimate of $819.79 million. During the same period last year, the business earned $0.14 EPS. The firm’s revenue was up 46.7% compared to the same quarter last year. On average, analysts anticipate that Cameco will post 1.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cameco

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Manchester Capital Management LLC increased its stake in Cameco by 100.0% during the first quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 300 shares during the period. Hurley Capital LLC bought a new stake in shares of Cameco during the fourth quarter valued at approximately $27,000. Dagco Inc. bought a new stake in shares of Cameco during the first quarter valued at approximately $28,000. SVB Wealth LLC bought a new stake in shares of Cameco during the first quarter valued at approximately $29,000. Finally, Trust Co. of Vermont increased its holdings in Cameco by 1,029.4% in the 2nd quarter. Trust Co. of Vermont now owns 384 shares of the basic materials company’s stock valued at $29,000 after buying an additional 350 shares during the period. 70.21% of the stock is currently owned by institutional investors.

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.