Q3 2024 Earnings Forecast for Cameco Co. Issued By Raymond James (NYSE:CCJ)

Cameco Co. (NYSE:CCJ) (TSE:CCO) – Analysts at Raymond James dropped their Q3 2024 earnings estimates for Cameco in a report issued 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.

Other research analysts have also issued reports about the stock. Scotiabank cut their target price on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. National Bank Financial raised shares of Cameco to a “strong-buy” rating in a research report on Tuesday, September 3rd. Cantor Fitzgerald raised Cameco from a “neutral” rating to an “overweight” rating in a research report on Wednesday, July 31st. Glj Research reiterated a “buy” rating and issued a $63.73 price target on shares of Cameco in a report on Wednesday, August 14th. Finally, The Goldman Sachs Group boosted their price objective on Cameco from $56.00 to $62.00 and gave the company a “buy” rating in a report on Friday, June 7th. One equities research 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.com, the stock has an average rating of “Buy” and a consensus price target of $67.25.

Cameco Price Performance

Cameco stock opened at $48.06 on Wednesday. The stock’s 50 day moving average price is $41.55 and its two-hundred day moving average price is $46.60. The stock has a market capitalization of $20.91 billion, a price-to-earnings ratio of 123.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.48 and a current ratio of 3.22. Cameco has a 52-week low of $35.18 and a 52-week high of $56.24.

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

Institutional Trading of Cameco

Several institutional investors and hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA bought a new stake in Cameco during the second quarter worth $73,125,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cameco in the first quarter valued at about $31,131,000. King Luther Capital Management Corp bought a new position in shares of Cameco during the second quarter valued at about $32,740,000. CIBC Asset Management Inc boosted its holdings in Cameco by 24.3% during the fourth quarter. CIBC Asset Management Inc now owns 2,319,455 shares of the basic materials company’s stock worth $100,324,000 after purchasing an additional 452,973 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Cameco by 28.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,987,526 shares of the basic materials company’s stock worth $97,653,000 after purchasing an additional 437,921 shares in the last quarter. 70.21% of the stock is owned by hedge funds and other institutional investors.

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.