Scotiabank Has Pessimistic Outlook of Cameco FY2024 Earnings

Cameco Co. (NYSE:CCJ) (TSE:CCO) – Investment analysts at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for Cameco in a report released on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now anticipates that the basic materials company will post earnings per share of $0.40 for the year, down from their prior forecast of $0.57. The consensus estimate for Cameco’s current full-year earnings is $0.51 per share. Scotiabank also issued estimates for Cameco’s FY2026 earnings at $1.07 EPS.

Separately, Janney Montgomery Scott raised Cameco to a “strong-buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $66.56.

Cameco Trading Down 4.2 %

Cameco stock opened at $49.20 on Monday. The stock has a market cap of $21.41 billion, a P/E ratio of 258.96 and a beta of 0.95. Cameco has a fifty-two week low of $35.43 and a fifty-two week high of $62.55. The firm’s fifty day moving average price is $54.75 and its 200-day moving average price is $49.25. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.26 and a current ratio of 2.88.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Thursday, November 7th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.40). Cameco had a return on equity of 3.33% and a net margin of 4.15%. The firm had revenue of $721.00 million for the quarter, compared to the consensus estimate of $646.83 million. During the same period last year, the company posted $0.24 EPS. The business’s revenue was up 25.4% on a year-over-year basis.

Institutional Investors Weigh In On Cameco

Hedge funds have recently made changes to their positions in the business. Glenmede Trust Co. NA raised its position in Cameco by 2.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 9,149 shares of the basic materials company’s stock worth $437,000 after purchasing an additional 191 shares during the period. S.A. Mason LLC increased its stake in Cameco by 6.0% in the 3rd quarter. S.A. Mason LLC now owns 3,655 shares of the basic materials company’s stock worth $175,000 after purchasing an additional 206 shares during the period. Silvia Mccoll Wealth Management LLC boosted its stake in shares of Cameco by 3.9% during the third quarter. Silvia Mccoll Wealth Management LLC now owns 5,610 shares of the basic materials company’s stock valued at $268,000 after purchasing an additional 210 shares during the period. EdgeRock Capital LLC increased its stake in shares of Cameco by 1.7% in the third quarter. EdgeRock Capital LLC now owns 13,689 shares of the basic materials company’s stock worth $654,000 after buying an additional 224 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in Cameco by 71.5% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 571 shares of the basic materials company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. 70.21% of the stock is currently owned by institutional investors.

Cameco Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th were given a dividend of $0.118 per share. The ex-dividend date was Wednesday, November 27th. This is a positive change from Cameco’s previous annual dividend of $0.09. This represents a dividend yield of 0.22%. Cameco’s dividend payout ratio is 63.16%.

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.