Scotiabank Has Pessimistic Outlook of Cameco FY2024 Earnings

Cameco Co. (TSE:CCO) (NYSE:CCJ) – Analysts at Scotiabank reduced their FY2024 earnings per share (EPS) estimates for shares of Cameco in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now anticipates that the company will earn $0.58 per share for the year, down from their prior forecast of $0.77. Scotiabank also issued estimates for Cameco’s FY2025 earnings at $1.18 EPS and FY2026 earnings at $1.54 EPS.

Several other research analysts have also weighed in on CCO. BMO Capital Markets boosted their price objective on shares of Cameco from C$78.00 to C$84.00 in a research note on Friday, November 8th. Janney Montgomery Scott raised Cameco to a “strong-buy” rating in a research report on Friday, October 4th. Eight Capital upped their price objective on Cameco from C$80.00 to C$90.00 in a research note on Friday, November 8th. Raymond James boosted their target price on Cameco from C$81.00 to C$88.00 in a report on Friday, November 22nd. Finally, National Bankshares increased their price target on Cameco from C$85.00 to C$87.00 in a research note on Friday, November 8th. Six investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$84.30.

Cameco Price Performance

Shares of CCO opened at C$71.07 on Monday. The company has a market cap of C$30.93 billion, a price-to-earnings ratio of 120.46, a PEG ratio of 2.22 and a beta of 0.90. The company has a current ratio of 3.22, a quick ratio of 3.74 and a debt-to-equity ratio of 25.39. The company’s fifty day simple moving average is C$77.58 and its 200 day simple moving average is C$68.38. Cameco has a 1-year low of C$48.71 and a 1-year high of C$88.18.

Insider Activity

In other Cameco news, Senior Officer Tim Scott Gitzel sold 50,000 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of C$85.66, for a total transaction of C$4,283,000.00. Also, Senior Officer Brian Arthur Reilly sold 14,062 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of C$79.98, for a total transaction of C$1,124,678.76. Over the last 90 days, insiders sold 80,962 shares of company stock valued at $6,800,456. 0.15% of the stock is owned by company insiders.

Cameco Increases Dividend

The company also recently announced an annual dividend, which was paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th were issued a dividend of $0.16 per share. The ex-dividend date was Wednesday, November 27th. This represents a dividend yield of 0.22%. This is an increase from Cameco’s previous annual dividend of $0.12. Cameco’s dividend payout ratio (DPR) is currently 20.34%.

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.