Cameco Corporation (CCJ) Trading Down 6.1% on Disappointing Earnings

Cameco Corporation (NYSE:CCJ) (TSE:CCO) fell 6.1% on Friday following a weaker than expected earnings announcement. The company traded as low as $7.68 and last traded at $8.30. 7,127,607 shares were traded during mid-day trading, an increase of 271% from the average session volume of 1,922,100 shares. The stock had previously closed at $8.84.

The basic materials company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.20). The firm had revenue of $486.00 million during the quarter, compared to the consensus estimate of $486.84 million. Cameco Corporation had a positive return on equity of 2.59% and a negative net margin of 0.75%. The firm’s revenue for the quarter was down 27.5% compared to the same quarter last year. During the same period last year, the business earned $0.30 earnings per share.

Several brokerages recently commented on CCJ. BidaskClub cut Cameco Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Cameco Corporation in a research report on Tuesday, August 15th. TheStreet raised Cameco Corporation from a “d+” rating to a “c” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reduced their target price on Cameco Corporation from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, October 20th. Finally, Zacks Investment Research raised Cameco Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 15th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. Cameco Corporation has a consensus rating of “Hold” and an average target price of $15.22.

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Sector Pension investment Board lifted its holdings in shares of Cameco Corporation by 22.0% during the second quarter. Public Sector Pension investment Board now owns 775,171 shares of the basic materials company’s stock valued at $7,049,000 after acquiring an additional 139,800 shares during the period. Intact Investment Management Inc. lifted its holdings in shares of Cameco Corporation by 48.8% during the second quarter. Intact Investment Management Inc. now owns 385,950 shares of the basic materials company’s stock valued at $4,550,000 after acquiring an additional 126,650 shares during the period. Sprott Inc. lifted its holdings in shares of Cameco Corporation by 53.6% during the second quarter. Sprott Inc. now owns 53,366 shares of the basic materials company’s stock valued at $486,000 after acquiring an additional 18,632 shares during the period. Brookstone Capital Management lifted its holdings in shares of Cameco Corporation by 9.8% during the second quarter. Brookstone Capital Management now owns 11,522 shares of the basic materials company’s stock valued at $105,000 after acquiring an additional 1,033 shares during the period. Finally, Bridgewater Associates LP lifted its holdings in shares of Cameco Corporation by 12.2% during the second quarter. Bridgewater Associates LP now owns 109,606 shares of the basic materials company’s stock valued at $997,000 after acquiring an additional 11,952 shares during the period. 56.44% of the stock is owned by institutional investors.

The stock’s 50-day moving average price is $9.58 and its 200 day moving average price is $9.79. The company’s market capitalization is $3.29 billion.

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Cameco Corporation Company Profile

Cameco Corporation (Cameco) is a uranium producer. The Company is primarily 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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