Raymond James Research Analysts Reduce Earnings Estimates for Cameco Co. (NYSE:CCJ)

Cameco Co. (NYSE:CCJ) (TSE:CCO) – Analysts at Raymond James dropped their Q3 2024 earnings per share (EPS) estimates for Cameco in a research note issued to investors on Monday, September 23rd. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.23 per share for the quarter, down from their previous forecast of $0.24. The consensus estimate for Cameco’s current full-year earnings is $0.91 per share. Raymond James also issued estimates for Cameco’s Q4 2024 earnings at $0.38 EPS and FY2024 earnings at $0.81 EPS.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Wednesday, July 31st. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). The business had revenue of $598.00 million during the quarter, compared to analyst estimates of $756.00 million. Cameco had a return on equity of 5.63% and a net margin of 9.72%. The company’s revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS.

A number of other brokerages also recently issued reports on CCJ. Cantor Fitzgerald raised shares of Cameco from a “neutral” rating to an “overweight” rating in a research report on Wednesday, July 31st. Bank of America upped their price objective on Cameco from $59.00 to $60.50 and gave the company a “buy” rating in a research note on Wednesday, June 26th. The Goldman Sachs Group lifted their target price on Cameco from $56.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Glj Research restated a “buy” rating and set a $63.73 price target on shares of Cameco in a research report on Wednesday, August 14th. Finally, National Bank Financial raised shares of Cameco to a “strong-buy” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $67.25.

Cameco Stock Performance

Shares of Cameco stock opened at $46.77 on Wednesday. The business has a 50 day moving average price of $41.54 and a 200-day moving average price of $46.60. The company has a market cap of $20.35 billion, a PE ratio of 119.92 and a beta of 0.90. The company has a quick ratio of 1.48, a current ratio of 3.22 and a debt-to-equity ratio of 0.23. Cameco has a 52 week low of $35.18 and a 52 week high of $56.24.

Institutional Investors Weigh In On Cameco

Large investors have recently added to or reduced their stakes in the company. Bornite Capital Management LP bought a new position in Cameco during the fourth quarter worth about $6,590,000. Tidal Investments LLC boosted its holdings in Cameco by 15.5% in the 1st quarter. Tidal Investments LLC now owns 20,036 shares of the basic materials company’s stock worth $868,000 after buying an additional 2,683 shares during the period. LRI Investments LLC purchased a new position in Cameco in the 1st quarter valued at approximately $30,000. Susquehanna Fundamental Investments LLC bought a new stake in Cameco during the 1st quarter valued at $295,000. Finally, Councilmark Asset Management LLC purchased a new stake in shares of Cameco during the first quarter worth $1,760,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Company Profile

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.