Cameco Corporation [NYSE: CCJ] stock went on a downward path that fall over -4.47% on Wednesday, amounting to a one-week price decrease of less than -6.88%. The company report on February 9, 2023 that Cameco announces 2022 results; strong market fundamentals captured in record long-term contracting of 80 million pounds uranium and 17 million kgU of conversion services; disciplined return to tier-one run rate with exposure to improving prices.
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Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2022 in accordance with International Financial Reporting Standards (IFRS).
“Demand for nuclear power, supported by growth across the near, medium and long term, is driving the best fundamentals we have ever seen for the nuclear fuel market. The growing structural gap has led to supply uncertainty, which was amplified in 2022. As a proven, reliable, independent, commercial supplier of nuclear fuels, Cameco is positioned to benefit from these fundamentals. Our 2022 results, and our guidance for 2023, reflect the transformative year that we have had and the opportunity that remains ahead of us. In 2022, we were successful in contracting 80 million pounds of uranium and 17 million kgU of conversion services, with a record number of contracts signed in a market that has strengthened and is in durable growth mode. Our contracting also allows us to sustainably operate our assets, including tier-one assets that are expected to generate full-cycle value for Cameco. And, in 2022, with the resumption of production at McArthur River and Key Lake, we began the return to a tier-one run rate, which we expect will significantly improve our financial results,” said Tim Gitzel, Cameco’s president and CEO.
Over the last 12 months, CCJ stock dropped by -5.47%. The one-year Cameco Corporation stock forecast points to a potential upside of 30.07. The average equity rating for CCJ stock is currently 1.40, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $10.88 billion, with 432.72 million shares outstanding and 431.70 million shares in the current float. Compared to the average trading volume of 4.59M shares, CCJ stock reached a trading volume of 7580311 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Cameco Corporation [CCJ]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CCJ shares is $34.82 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CCJ stock is a recommendation set at 1.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
RBC Capital Mkts have made an estimate for Cameco Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 11, 2022. The new note on the price target was released on March 31, 2022, representing the official price target for Cameco Corporation stock. Previously, the target price had yet another raise to $32, while BofA Securities analysts kept a Buy rating on CCJ stock.
The Average True Range (ATR) for Cameco Corporation is set at 0.97, with the Price to Sales ratio for CCJ stock in the period of the last 12 months amounting to 8.05. The Price to Book ratio for the last quarter was 2.46, with the Price to Cash per share for the same quarter was set at 3.69. Price to Free Cash Flow for CCJ in the course of the last twelve months was 93.29 with Quick ratio for the last quarter at 4.70.
CCJ Stock Performance Analysis:
Cameco Corporation [CCJ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.88. With this latest performance, CCJ shares dropped by -15.80% in over the last four-week period, additionally sinking by -18.23% over the last 6 months – not to mention a drop of -5.47% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CCJ stock in for the last two-week period is set at 31.62, with the RSI for the last a single of trading hit 23.44, and the three-weeks RSI is set at 37.75 for Cameco Corporation [CCJ]. The present Moving Average for the last 50 days of trading for this stock 26.75, while it was recorded at 25.39 for the last single week of trading, and 24.99 for the last 200 days.
Insight into Cameco Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Cameco Corporation [CCJ] shares currently have an operating margin of -0.62 and a Gross Margin at +9.16. Cameco Corporation’s Net Margin is presently recorded at +4.78.
Return on Equity for this stock inclined to 1.67, with Return on Assets sitting at 1.11.
Cameco Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.70 and a Current Ratio set at 5.90.
Cameco Corporation [CCJ] Insider Position Details
There are presently around $6,695 million, or 70.10% of CCJ stock, in the hands of institutional investors. The top three institutional holders of CCJ stocks are: VANGUARD GROUP INC with ownership of 14,950,464, which is approximately 10.987% of the company’s market cap and around 0.20% of the total institutional ownership; FMR LLC, holding 14,780,767 shares of the stock with an approximate value of $359.91 million in CCJ stocks shares; and CAPITAL WORLD INVESTORS, currently with $347.73 million in CCJ stock with ownership of nearly 23.697% of the company’s market capitalization.
242 institutional holders increased their position in Cameco Corporation [NYSE:CCJ] by around 58,469,250 shares. Additionally, 228 investors decreased positions by around 23,009,862 shares, while 68 investors held positions by with 193,464,041 shares. The mentioned changes placed institutional holdings at 274,943,153 shares, according to the latest SEC report filing. CCJ stock had 70 new institutional investments in for a total of 13,268,710 shares, while 100 institutional investors sold positions of 7,680,927 shares during the same period.