Today: The Zacks Investment Research Downgrade Cameco Corp. (CCJ) to Sell

The Zacks Investment Research Downgrade Cameco Corp. (CCJ) to Sell

Cameco Corp. (NYSE:CCJ) (TSE:CCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Cameco Corporation is the world’s largest publicly traded uranium company and a growing gold producer. Its uranium products are used to generate electricity in nuclear power plants around the world, providing one of the cleanest sources of energy available today. “

A number of other brokerages also recently weighed in on CCJ. BMO Capital Markets reissued an “outperform” rating and issued a $17.00 price target (down from $20.00) on shares of Cameco Corp. in a report on Sunday, July 31st. Royal Bank Of Canada dropped their price objective on shares of Cameco Corp. from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, August 10th. RBC Capital Markets reaffirmed an “outperform” rating and set a $15.00 price objective (down from $17.00) on shares of Cameco Corp. in a report on Thursday, August 11th. Dundee Securities reaffirmed a “buy” rating and set a $17.50 price objective on shares of Cameco Corp. in a report on Wednesday, August 10th. Finally, TheStreet downgraded shares of Cameco Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $14.96.

Shares of Cameco Corp. (NYSE:CCJ) opened at 9.26 on Thursday. The firm has a market capitalization of $3.67 billion, a P/E ratio of 69.62 and a beta of 1.42. The stock has a 50 day moving average of $8.35 and a 200-day moving average of $9.75. Cameco Corp. has a 1-year low of $7.41 and a 1-year high of $13.59.

Cameco Corp. (NYSE:CCJ) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.08. The company had revenue of $670 million for the quarter, compared to the consensus estimate of $494.13 million. Cameco Corp. had a net margin of 2.73% and a return on equity of 3.70%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. On average, equities analysts expect that Cameco Corp. will post $0.57 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of Cameco Corp. by 2.7% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 3,814,780 shares of the company’s stock valued at $54,132,000 after buying an additional 98,900 shares in the last quarter. Tocqueville Asset Management L.P. boosted its position in Cameco Corp. by 0.4% in the second quarter. Tocqueville Asset Management L.P. now owns 1,385,724 shares of the company’s stock valued at $15,201,000 after buying an additional 5,075 shares during the period. Foundation Resource Management Inc. bought a new position in Cameco Corp. during the third quarter valued at $7,445,000. Water Island Capital LLC boosted its position in Cameco Corp. by 23.8% in the third quarter. Water Island Capital LLC now owns 13,000 shares of the company’s stock valued at $111,000 after buying an additional 2,500 shares during the period. Finally, IFP Advisors Inc boosted its position in Cameco Corp. by 7.2% in the second quarter. IFP Advisors Inc now owns 10,073 shares of the company’s stock valued at $111,000 after buying an additional 678 shares during the period. Hedge funds and other institutional investors own 56.98% of the company’s stock.

About Cameco Corp.

Cameco Corporation (Cameco) is a uranium producer. The Company is engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company operates through three segments: uranium, fuel services and NUKEM.

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