Scotiabank Has Pessimistic Outlook of Cameco FY2024 Earnings

Cameco Co. (NYSE:CCJ) (TSE:CCO) – Analysts at Scotiabank decreased their FY2024 EPS estimates for shares of Cameco in a report issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now anticipates that the basic materials company will post earnings of $0.40 per share for the year, down from their previous 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.

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

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

Cameco Stock Performance

NYSE:CCJ opened at $49.08 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.26 and a current ratio of 2.88. The company has a fifty day moving average of $54.66 and a two-hundred day moving average of $49.23. The stock has a market capitalization of $21.36 billion, a PE ratio of 258.33 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.

Institutional Investors Weigh In On Cameco

A number of large investors have recently modified their holdings of the business. Wolff Wiese Magana LLC purchased a new stake in shares of Cameco during the fourth quarter worth $154,000. Caldwell Investment Management Ltd. purchased a new stake in shares of Cameco in the fourth quarter valued at about $3,227,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Cameco in the fourth quarter valued at about $72,000. Park Avenue Securities LLC grew its holdings in shares of Cameco by 12.0% in the fourth quarter. Park Avenue Securities LLC now owns 5,573 shares of the basic materials company’s stock valued at $286,000 after purchasing an additional 598 shares during the period. Finally, Floyd Financial Group LLC purchased a new stake in shares of Cameco in the fourth quarter valued at about $922,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Increases Dividend

The firm 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 $0.118 per share. This is a positive change from Cameco’s previous annual dividend of $0.09. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a dividend yield of 0.22%. Cameco’s dividend payout ratio is presently 63.16%.

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.