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The company has a powerful ally with an incentive to see it grow: the U.S. government.

Ontario Premier Doug Ford told The Associated Press on Monday that Canada should be ready to cut off U.S. access to electricity and critical minerals if the trade dispute continues to escalate. He named high-grade nickel and uranium refined in Ontario in particular, and he said Ontario powers 1.5 million U.S. homes and businesses.

Uranium refined in Ontario mostly means uranium refined by Cameco (CCJ -5.94%). The company owns the Blind River refinery (by its own description, the world's largest commercial uranium refinery), and Blind River sits in Ontario.

Nuclear stocks jumped Tuesday, with the growth stock rising about 4.6% to about $107 as of this writing. Whether that jump had much to do with Ford is hard to say, and I don't think it matters much.

But what would a Canadian export restriction do to Cameco?

Image source: Getty Images.

Two steps in the fuel chain run through CamecoBlind River opened in 1983, and Cameco owns 100% of it. The facility refines uranium concentrate from mines into uranium trioxide, a powder that sits partway between mined uranium and finished reactor fuel.

Its licensed production capacity is 18 million kilograms of uranium a year, with room to expand to 24 million once certain conditions are met.

From there, the refined uranium moves to Cameco's Port Hope conversion facility, which is also in Ontario. In other words, two consecutive steps in the nuclear fuel chain run through one company in one province, and Ontario's premier just named that province's output as leverage.

The business built on those plants is Cameco's smaller segment, fuel services. It produced 3.0 million kilograms of uranium in the second quarter, down 6% year over year, and the company expects production of 13 to 14 million kilograms this year.

Segment revenue was 152 million Canadian dollars in the quarter, next to 659 million Canadian dollars in the uranium segment. The segment's average realized price, however, rose 13% year over year.

How much U.S. fuel depends on Canada?More than on any other country.

U.S. reactor operators purchased 46.9 million pounds of uranium in 2025, according to the U.S. Energy Information Administration. Canada was the origin of 32% of the uranium delivered -- the largest share of any country, ahead of Kazakhstan at 28%.

Meanwhile, uranium of U.S. origin covered just 7% of deliveries, down from 8% the year before.

And the trade backdrop worsened over the weekend. The U.S. imposed 50% tariffs on about $20 billion of Canadian goods on Saturday after talks between the two governments collapsed. Canada has said its retaliation will begin Sept. 8. Ford's comments landed in the middle of that escalation.

Cameco, notably, has been describing demand in similar terms all year. CEO Tim Gitzel said in the company's July earnings release that contracting activity has increased as customers focus on "security of supply."

The threat lands on Cameco's customersAn export restriction would be aimed at the U.S. government. But the buyers it would cut off are the American utilities Cameco has spent years signing.

The company has contracts in place for average annual deliveries of more than 28 million pounds of uranium over the next five years, with commitments above that average from 2026 through 2028. A restriction could push uranium prices higher. But it could also put Cameco's own deliveries, and its standing as the Western supplier utilities count on, at risk.

And prices are already moving Cameco's way without an embargo. The company's average realized uranium price was $67.79 per pound in U.S. dollars in the second quarter, up 18% from $57.35 a year earlier. Its first-half average of $66.96 was up 12% year over year. The direction is steady: as higher market prices feed through its market-related contracts, each period's average climbs.

So the threat itself is likely worth more to Cameco than an actual restriction would be. After all, every escalation reminds utilities that most of their fuel starts somewhere else, and long-term supply contracts are what Cameco has been patient about signing.

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The stock, meanwhile, gives the company a lot of credit. Cameco's market value sits near $47 billion in U.S. dollars.

That heft comes against second-quarter net earnings of 25 million Canadian dollars and first-half net earnings of 156 million Canadian dollars. Those results were held down by weaker earnings from Westinghouse, the nuclear-technology company Cameco owns a stake in.

Even after Tuesday's gain, shares are about 21% below their 52-week high of $135.24. But this is not a value stock, and the price arguably assumes years of growth.

Of course, a restriction may never come. Ford's warning was a threat, not a policy. But it pointed at what Cameco owns -- and at why utilities keep signing long-term contracts with Cameco.

Key Takeaways Cameco combines established uranium production, fuel services and strong long-term contracts.Denison is advancing Phoenix toward first uranium production in mid-2028 after regulatory approval.Cameco appears safer, while Denison offers greater upside but remains pre-production with negative earnings. Cameco Corporation (CCJ - Free Report) and Denison Mines Corp. (DNN - Free Report) are Canada-based uranium companies, both currently operating at very different stages of the nuclear fuel value chain.

Cameco is one of the world’s largest uranium producers with an integrated business spanning mining, milling and fuel services. The company owns interests in world-class assets such as McArthur River and Cigar Lake and benefits from established production, long-term contracts and strong operating cash flows.

Denison is primarily an exploration and development-focused company, with its flagship Wheeler River project in the Athabasca Basin representing one of the largest undeveloped high-grade uranium assets in the world. Denison is advancing Phoenix toward first production in 2028. The company’s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture.

With uranium demand supported by the global push toward clean energy and energy security, investors often weigh Denison’s high-growth development potential against Cameco’s established production scale, cash flow stability and operational maturity. To determine which stock currently offers the stronger opportunity, it is important to compare their fundamentals, growth prospects and key risks.

The Case for CCJCameco remains one of the largest and most established uranium producers globally. Its tier-one mining and milling operations are capable of producing more than 30 million pounds of uranium concentrates annually (its share). Cameco accounted for 15% of global uranium production in 2025. Beyond mining, the company has a diversified presence across the nuclear fuel cycle, including refining, conversion and fuel services. Its strategic stakes in Westinghouse and Global Laser Enrichment add long-term optionality tied to reactor deployment and enrichment technologies.

In the second quarter of 2026, Cameco’s total revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments.  Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026.

Lower volumes were offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound, leading to a 7% year-over-year decline in Cameco’s uranium revenues to CAD 659 million ($469 million). Fuel Services revenues fell 6% to CAD 152 million ($108 million) as a 13% increase in realized prices offset an 18% decline in volumes. 

Higher purchased material costs, product-loan impacts and the Cigar Lake maintenance shutdown pushed uranium-segment costs up about 3%. Fuel Services costs increased 1%, with higher unit costs offset by lower volumes.

Adjusted earnings fell 75% year over year to CAD 0.18 per share (13 cents), primarily due to lower uranium sales volumes and a sharp decline in Cameco’s equity earnings from Westinghouse. The year-ago quarter benefited from significant Westinghouse revenues related to the Czech Republic’s Dukovany nuclear project.

Cameco’s adjusted earnings plunged 75% year over year to CAD 0.18 per share, or 13 cents, due to lower revenues and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA.

Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026. Production guidance for the fuel services segment is 13-14 million kgUs. 

The company expects 2026 uranium deliveries of 29-32 million pounds and uranium revenues of CAD 2.7-2.9 billion, based on a higher realized-price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 because of lower deliveries. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% growth.

Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025.

Cameco also has strong long-term contract visibility, with commitments to deliver an average of about 28 million pounds annually over the next five years. It is investing to expand production, extend Cigar Lake’s mine life to 2036 and increase McArthur River and Key Lake output toward their licensed capacity of 25 million pounds on a 100% basis. Cameco also recently raised its ownership in Cigar Lake to 57.418%.

The Case for DNNDenison’s long-term investment case is centered on its portfolio of four prospective, low-cost uranium development assets: Phoenix, Gryphon, Midwest and THT/Waterbury. Phoenix and Gryphon are both located in the Wheeler project. 

Denison achieved a major milestone in February 2026 when the Phoenix project received all regulatory approvals required to begin construction. Since then, the company has aggressively advanced critical site preparation activities, with first uranium production targeted for mid-2028. The project is underpinned by a high-quality resource base, with an estimated 70.5 million pounds of uranium grading approximately 11.4%. It is expected to be among the lowest-cost uranium operations globally. 

Denison’s second-quarter 2026 revenues declined 44% year over year to CAD 0.72 million ($0.52 million), attributed to lower production. DNN’s revenues include a draw-down of deferred toll milling revenues, the rate of which fluctuates due to the timing of uranium processing at the McClean Lake mill, as well as changes to the estimated mineral resources of the Cigar Lake mine. In the quarter, the mill processed 2.9 million pounds of uranium, a 43% decline from the year-ago quarter.

The decline in revenues combined with higher exploration, mine development and general and administrative expenses led to an adjusted loss of CAD 0.03 per share (loss of two cents) in the quarter. Denison had reported earnings of one cent per share in the year-ago-quarter. 

Denison sold 750,000 pounds of uranium and generated more than CAD 90 million ($67 million) in proceeds, and a 233% realized gain compared with the original purchase price. As of June 30, 2026, the company held 950,000 pounds in physical uranium and 145,926 pounds of uranium concentrate inventory from its share of McClean Lake production, for total uranium holdings of approximately 1.1 million pounds. The company plans to monetize its physical uranium holdings to help fund Phoenix construction and also establish long-term supply agreements to facilitate the sale of future uranium production from its uranium mining projects. 

Backed by its unique combination of physical uranium holdings, active mine production from McClean Lake and large-scale expected future mine production from the Phoenix and Gryphon deposits, Denison has already secured firm uranium sales commitments for more than 8 million pounds. It is negotiating contracts for another 7 million pounds. These agreements include several major North American nuclear utilities operating more than 50 reactors collectively.

Denison also remains active in exploration. During the first half of 2026, it completed more than 50,000 meters of drilling across 10 properties and conducted geophysical surveys on 14 properties. Exploration covered 18 properties, with notable uranium mineralization reported across several projects. 

With an extensive portfolio of 100%-owned and joint venture exploration properties, covering more than 450,000 hectares, Denison has been one of the most active explorers in the Athabasca Basin region. Its strategy of advancing a diversified pipeline of mining, development and exploration assets places it in a strong position to benefit from favorable long-term market dynamics. However, near-term earnings are expected to remain under pressure due to ongoing development spending, which is typical for a company transitioning from development to production. 

How do Estimates Compare for CCJ & DNN?The Zacks Consensus Estimate for Cameco’s 2026 earnings of $1.27 per share indicates year-over-year growth of 23.3%. The consensus estimate for 2027 earnings per share is $2.15, with projected growth of 69.4%.

The Zacks Consensus Estimate for Denison’s earnings for 2026 is pegged at a loss of 11 cents per share, wider than the 2025 loss of five cents per share. The 2027 estimate for earnings is pegged at a loss of five cents.

Image Source: Zacks Investment Research

Earnings estimates for 2026 for CCJ have moved down over the past 60 days, while the same for 2027 have moved up.

In the past 60 days, earnings estimates for Denison have moved up for 2026 and remained stable for 2027.

Image Source: Zacks Investment Research

Cameco & Denison: Price Performance & ValuationCameco shares have declined 15.3% in the past six months, whereas DNN shares have fallen 18.6%. 

Image Source: Zacks Investment Research

Cameco is trading at a price/book multiple of 8.67X. Meanwhile, DNN’s forward price-to-book multiple sits at 15.18X.

Image Source: Zacks Investment Research

CCJ or DNN: Which is the Better Investment Option?Cameco offers the advantages of scale, established production, diversified nuclear fuel-cycle exposure and strong long-term contracts. While near-term growth could soften due to lower delivery guidance, the company remains one of the safest and most reliable ways to gain exposure to the uranium market.

Denison, meanwhile, represents a higher-risk, higher-reward opportunity. Its world-class high-grade assets, low-cost ISR mining strategy and visible path toward first production in 2028 give it substantial upside potential. However, the company is still pre-production, earnings remain negative and the stock already trades at a premium valuation. Cameco seems to be the safer bet currently.

Cameco currently carries a Zacks Rank #3 (Hold) while Denison carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bank of New York Mellon Corp bought a new position in Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,604,643 shares of the basic materials company’s stock, valued at approximately $163,449,000. Bank of New York Mellon Corp owned about 0.37% of Cameco at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Mcguire Capital Advisors Inc. purchased a new position in shares of Cameco in the fourth quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew its stake in Cameco by 30,700.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company’s stock valued at $28,000 after buying an additional 307 shares in the last quarter. Sterling Capital Management LLC bought a new stake in Cameco during the 1st quarter valued at $30,000. Sunbelt Securities Inc. raised its holdings in Cameco by 928.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 360 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 325 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its position in shares of Cameco by 3,200.0% during the first quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 288 shares in the last quarter. 70.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes CCJ has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price target on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, June 29th. Bank of America decreased their price objective on Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Sanford C. Bernstein reissued an “outperform” rating and set a $135.00 price objective on shares of Cameco in a report on Monday, June 15th. Citigroup restated a “positive” rating on shares of Cameco in a research note on Wednesday, July 15th. Finally, Wall Street Zen lowered Cameco from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Fourteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $145.68.

Get Our Latest Research Report on CCJ Cameco Stock Up 0.0% Shares of NYSE CCJ opened at $102.55 on Monday. Cameco Corporation has a 12 month low of $72.75 and a 12 month high of $135.24. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $44.66 billion, a price-to-earnings ratio of 173.81, a PEG ratio of 1.75 and a beta of 1.05. The business has a 50-day moving average of $96.21 and a 200-day moving average of $107.40.

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last announced its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). The company had revenue of $573.06 million during the quarter, compared to analysts’ expectations of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 earnings per share. Sell-side analysts expect that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Cameco Company Profile (Free Report)

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

Recommended Stories Five stocks we like better than Cameco VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding CCJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO).

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Key Takeaways Cameco's Q2 adjusted EBITDA fell 42% as uranium sales and Westinghouse earnings declined.Uranium sales volumes dropped 18%, while higher realized prices partly offset weaker deliveries.Westinghouse has 91 potential AP1000 reactor opportunities, offering significant upside for Cameco. Cameco Corporation’s (CCJ - Free Report) second-quarter 2026 results reflected a significant slowdown from the strong growth reported in the first quarter, with adjusted EBITDA falling 42% year over year to CAD 391 million ($282 million). This reversed the 44% increase to CAD 509 million reported in the first quarter. The decline primarily stemmed from lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse.

Cameco’s second-quarter revenues decreased 7% year over year to CAD 814 million ($588 million), as both its Uranium and Fuel Services segments reported weaker results.

Uranium revenues fell 7% to CAD 659 million ($469 million), as sales volumes declined 18% to 7.1 million pounds. The decrease reflected normal quarterly delivery timing and the company’s disciplined contracting strategy, which calls for lower planned deliveries in 2026. The impact was partly offset by a 15% increase in the average realized price to CAD 93.13 per pound, supported by market-priced contracts.

Segment costs increased around 3%, as a 26% rise in the average unit cost of sales was partly offset by lower sales volumes. Higher costs reflected increased purchased material expenses, product loan impacts and the Cigar Lake maintenance shutdown. Consequently, adjusted EBITDA declined 28% year over year to CAD 252 million ($181 million).

Fuel Services revenues declined 6% to CAD 152 million ($108 million), as an 18% drop in sales volumes more than offset higher realized prices. Costs increased 1%, with a 21% rise in the average unit cost of sales, driven by product and service mix, largely offset by lower volumes. Adjusted EBITDA fell 26% to CAD 42 million ($30 million).

Westinghouse was another drag in the quarter. Cameco’s share of Westinghouse’s adjusted EBITDA was $163 million in the second quarter of 2026, a 54% plunge year over year. The comparison was impacted by a $170 million increase in Cameco’s share of Westinghouse’s second-quarter 2025 revenues related to its participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic. The impact was partly offset by higher fuel volumes in Westinghouse’s core business and increased AP1000 project activity compared with the prior-year quarter.

For 2026, Cameco expects total revenues of CAD $3.32-$3.57 billion, implying a roughly 1% decline from 2025. Uranium deliveries are projected at 29-32 million pounds, while uranium revenues are expected at CAD $2.7-$2.9 billion, based on a higher realized price assumption of CAD $91-$96 per pound. At the midpoint, uranium revenues would decline about 2% year over year, primarily due to lower delivery volumes. Fuel Services revenues are projected at CAD $610-$650 million, implying roughly 12% growth.

Despite near-term weakness, Cameco’s longer-term outlook remains supported by firm uranium prices amid structurally tight supply and rising nuclear energy demand. Fuel Services should provide stable growth, while Westinghouse offers significant upside through its pipeline of 91 potential AP1000 reactor opportunities totaling 105 GWe globally. A potential Westinghouse IPO could further unlock shareholder value, strengthen financial flexibility and improve business visibility, providing an additional catalyst for Cameco investors.

CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 27.7% compared with the industry’s 7.5% growth. Uranium peers Energy Fuels (UUUU - Free Report) gained 43.5% while Centrus Energy (LEU - Free Report) rose 4.7%. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 16.49 compared with the industry’s 5.13. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.

Image Source: Zacks Investment Research

The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Aug 10th, 2026

Contravisory Investment Management Inc. raised its holdings in Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) by 2,229.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,788 shares of the basic materials company’s stock after acquiring an additional 68,706 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Cameco were worth $7,312,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CCJ. Mcguire Capital Advisors Inc. purchased a new position in shares of Cameco in the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in Cameco by 30,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company’s stock worth $28,000 after buying an additional 307 shares in the last quarter. Sterling Capital Management LLC acquired a new position in Cameco during the first quarter worth about $30,000. Sunbelt Securities Inc. grew its position in Cameco by 928.6% during the third quarter. Sunbelt Securities Inc. now owns 360 shares of the basic materials company’s stock worth $30,000 after buying an additional 325 shares during the period. Finally, Brown Lisle Cummings Inc. grew its position in Cameco by 3,200.0% during the first quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company’s stock worth $32,000 after buying an additional 288 shares during the period. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Stock Performance Shares of CCJ opened at $97.39 on Monday. Cameco Corporation has a 12-month low of $68.96 and a 12-month high of $135.24. The stock has a market cap of $42.42 billion, a P/E ratio of 165.06, a PEG ratio of 1.55 and a beta of 1.05. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $97.94 and a two-hundred day moving average of $109.23.

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last released its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a net margin of 10.20% and a return on equity of 7.59%. The business had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.60 million. During the same quarter in the prior year, the company earned $0.71 earnings per share. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, research analysts predict that Cameco Corporation will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth A number of research firms have recently issued reports on CCJ. Sanford C. Bernstein reiterated an “outperform” rating and set a $135.00 price target on shares of Cameco in a research report on Monday, June 15th. Royal Bank Of Canada upped their price target on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, June 29th. Scotiabank reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Weiss Ratings cut Cameco from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, Bank of America decreased their target price on Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Cameco currently has an average rating of “Moderate Buy” and an average price target of $145.60.

Check Out Our Latest Research Report on Cameco

About Cameco (Free Report)

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

Further Reading Five stocks we like better than Cameco Albemarle’s Blowout Quarter Shows Why Lithium Still Matters Can DICK’S Turn Foot Locker Into a Winner? Why Dutch Bros Plunged Despite a Q2 Earnings Beat and Record Revenue Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Want to see what other hedge funds are holding CCJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO).

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Posted by Defense World Staff on Aug 8th, 2026

Empowered Funds LLC lifted its stake in shares of Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) by 68.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 14,398 shares of the basic materials company’s stock after acquiring an additional 5,852 shares during the period. Empowered Funds LLC’s holdings in Cameco were worth $1,564,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bison Wealth LLC lifted its holdings in shares of Cameco by 16.1% in the 4th quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company’s stock worth $1,102,000 after acquiring an additional 2,975 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Cameco by 16.6% in the 1st quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company’s stock valued at $393,000 after purchasing an additional 1,361 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Cameco by 48.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company’s stock valued at $349,000 after purchasing an additional 2,780 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Cameco by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company’s stock valued at $24,895,000 after purchasing an additional 64,512 shares during the last quarter. Finally, NewGen Equity Long Short Fund purchased a new position in Cameco in the 2nd quarter worth $14,252,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In CCJ has been the subject of several recent research reports. Wall Street Zen downgraded shares of Cameco from a “hold” rating to a “sell” rating in a research note on Saturday. Truist Financial assumed coverage on Cameco in a research note on Monday, July 13th. They set a “buy” rating and a $129.00 price objective on the stock. William Blair assumed coverage on Cameco in a report on Monday, April 20th. They issued an “outperform” rating on the stock. Scotiabank reissued an “outperform” rating and issued a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $135.00 target price on shares of Cameco in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $145.60.

Get Our Latest Stock Report on CCJ

Cameco Stock Up 4.0% Shares of Cameco stock opened at $97.39 on Friday. Cameco Corporation has a 1 year low of $68.96 and a 1 year high of $135.24. The firm has a market cap of $42.42 billion, a price-to-earnings ratio of 165.06, a PEG ratio of 1.45 and a beta of 1.05. The company has a 50-day moving average of $97.94 and a 200 day moving average of $109.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.09.

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last posted its quarterly earnings data on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million for the quarter, compared to the consensus estimate of $579.60 million. During the same period in the previous year, the firm earned $0.71 EPS. The company’s revenue was down 6.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Cameco Corporation will post 1.36 earnings per share for the current fiscal year.

Cameco Company Profile (Free Report)

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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Key Takeaways Cameco rose 7% after Q2 results, even as adjusted earnings fell 75% and revenues declined 7%.Lower uranium and fuel-services volumes outweighed higher realized prices, pressuring quarterly results.Westinghouse's proposed IPO adds a catalyst, but Cameco's premium valuation may limit near-term upside. Cameco (CCJ - Free Report) reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short.

Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. 

Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%. 

Cameco has outperformed peers like Ur-Energy Inc. (URG - Free Report) and Energy Fuels (UUUU - Free Report) , which have declined 22.6% and 46.1%, respectively.

Cameco’s 6-Month Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research

Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock.

Lower Volumes Weigh on Cameco's Q2 PerformanceUranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage.

Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026.

Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. 

Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries.

Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments.

Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume.

Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA.

Cameco Expects Slightly Lower Revenues in 2026Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs.

Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth.

Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025.

CCJ’s Earnings Estimates See Upward Revision ActivityThe Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.

Image Source: Zacks Investment Research

The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%.

Image Source: Zacks Investment Research

Cameco’s Valuation Looks StretchedCCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment.

Image Source: Zacks Investment Research

Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70.

Westinghouse IPO Plans Add Another Long-Term Growth LeverCameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States.

Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors.

CCJ’s Long-Term Fundamentals Remain StrongCameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans. 

Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets.

Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance.

Should You Buy Cameco Stock Now?Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

There are many nuclear energy stocks to choose from. But only a small handful are involved in the design and production of small modular reactors, or SMRs.

Research from Bank of America suggests that rising energy demand from the AI sector will spur a renaissance in nuclear energy, creating $10 trillion in opportunity. SMRs will play a key role.

"Amid surging electricity demand, driven in part by the rise in AI/data centers, nuclear energy offers a potential solution,” the bank concludes. “And new advancements in technology may now make the tipping point in sight for small modular reactors (SMRs) to reshape nuclear energy supply chains over the next decade.”

Currently, only a few SMR systems are in commercial operation worldwide. More than 80 projects, however, are currently in development. Dozens of firms are working to scale SMR infrastructure, but only a small handful are publicly traded. Even fewer are primarily focused on SMRs. The others are typically more diversified industrial conglomerates.

Oklo Inc (OKLO +6.16%) and NuScale Power (SMR +7.01%) are two of the most popular pure-play SMRs stocks on the market today. I have written about both extensively. But soon, another SMR business may conduct and IPO, allowing the public the buy shares for the first time.

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This SMR stock is preparing to go publicAccording to reports, Westinghouse Electric — a major SMR developer backed by uranium miner Cameco Corp (CCJ +3.87%) and renewable energy investors Brookfield Renewable Partners (BEP +2.50%) — is preparing for a potential IPO.

Westinghouse Electric was first formed in 1886, but that original company has little to do with the firm’s operations today, which is solely focused on nuclear energy. Note, also, that Westinghouse Electric is completely independent from Westinghouse Air Brake Technologies Corporation (WAB +1.93%), a firm that serves the freight rail and passenger transit markets.

Image source: Getty Images

Like Oklo and NuScale Power, Westinghouse Electric’s opportunity lies in creating new, clean energy infrastructure that can generate large and reliable loads for both the AI sector and electric utilities in general.

“Electricity demand is rising, artificial intelligence has turned access to power into a strategic issue, and governments are once again treating nuclear energy as an essential part of national energy policy,” observes Forbes. “Westinghouse appears positioned to benefit. Its technology supports reactors around the world, its services are embedded across the nuclear fleet, and its AP1000 reactor has become central to several proposed new-build programs.”

Westinghouse Electric has yet to determine how many shares it will sell. It also hasn’t settled on a potential selling price, meaning we don’t yet know how valuable the company believes itself to be. There’s also no guarantee that the company will go public, though reporting seems to suggest that an IPO is the goal, subject to market conditions.

According to The Wall Street Journal, “Westinghouse and its owners last year signed an agreement with the Commerce Department that will see the U.S. government arrange financing and facilitate approvals for at least $80 billion in nuclear reactors powered by Westinghouse technology.”

NuScale Power is currently the only company approved by regulators in the U.S. to build an SMR system. Oklo and Westinghouse Electric are in the application process. Oklo has a long list of data center customers in its pipeline, while NuScale is focused on utility-scale systems, backed by $25 billion government subsidy granted to its financing partner ENTRA1.

Westinghouse Electric’s strategy will more closely mirror NuScale Power’s, especially given its $80 billion in government backing. But more details will be revealed once a public IPO prospectus is filed.

Project Prometheus has been announced by the U.S. Department of Energy (DOE). The project is a three-year, $60 million nuclear energy-focused initiative led by Idaho National Laboratory (INL). The program falls under the DOE’s Genesis Mission, which is a higher-level effort to use AI, advanced computing, and federal infrastructure to accelerate scientific initiatives.

Key Takeaways The DOE’s Genesis Mission selected 278 projects focused on applying AI to complex challenges across the scientific spectrum. Project Prometheus is the first phase two project under the Genesis Mission and targets nuclear energy applications. Multiple companies involved in Prometheus are publicly traded, including Oklo (OKLO) and GE Vernova (GEV), along with Cameco’s (CCJ) Westinghouse. Genesis Mission Builds a National AI Platform From the DOE’s website, the Genesis Mission “unites DOE National Labs, industry, academia, and more to harness AI for breakthroughs in energy dominance, discovery science, and national security.” The goal stated by the DOE when the project was initially announced in November is to “double the productivity and impact of American science and engineering within a decade.”

The national initiative involves teams that will receive access to frontier AI models and high-performance computing resources across national laboratories. The objective is to create repeatable research workflows, enabled by AI, that can move ideas from modeling to experimentation significantly faster.

The Genesis Mission recently announced their initial 278 projects participating across the scientific spectrum. These include national laboratories, universities, private companies, and non-profit organizations. Project Prometheus is one of those major efforts under the Genesis Mission, focused on nuclear energy.

Prometheus Targets Nuclear Deployment Bottlenecks Project Prometheus has been selected under the Genesis Mission for a $60 million award. INL stated that the 32-partner project has also secured more than $200 million in industry cost share and $30 million in industry capital.

As Prometheus is more specifically directed at nuclear energy applications, instead of the broader scientific universe, its focus for AI applications is more narrow. The project will leverage AI to “design, license, manufacture, construct, and operate nuclear reactors with human-in-the-loop workflows; integrate AI into nuclear fuel fabrication; and use AI for nuclear legacy document management.”

With support from some of the largest technology companies, including Microsoft (MSFT) and Amazon (AMZN), the project will apply AI across the reactor lifecycle. Prometheus is intended to maintain a persistent digital record linking regulations, models, specifications, and operating information. This digital thread could reduce the need to recreate analyses as a reactor moves from one development stage to another.

NUKZX Companies Create the Investment Opportunity The VettaFi Nuclear Renaissance Index (NUKZX) includes companies involved in both the broader Genesis Mission and Project Prometheus. As the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ), investors can gain both direct and indirect exposure to multiple public and private companies in these programs.

See more: NUKZ Constituents Secure Key TerraPower Contracts

NUKZX offers direct exposure through constituents, including Oklo (OKLO) and GE Vernova (GEV). Oklo is a Prometheus partner with multiple previously announced efforts underway with the program. GE Vernova is working on steam turbine-related research for the Genesis mission.

Westinghouse is also a participant in the Prometheus effort and is 49% owned by Cameco (CCJ). Westinghouse operates across the nuclear industry with business segments in fuel fabrication and reactor development. Its partial owner, Cameco, holds significant market share in the uranium mining and milling industry.

NUKZX provides exposure across advanced reactors, fuel, utilities, construction, and nuclear services. That diversified structure may be useful if the benefits of Prometheus spread beyond individual reactor developers and into the companies that supply equipment, engineering, fuel, and operating expertise. 

Related Research: NUKZ Constituents Secure Key TerraPower Contracts

Investing in X-energy Without the Pre-Revenue IPO Risk

Profiling Reactor Technology: Westinghouse and Oklo

Looking for nuclear insights in your inbox? Subscribe here to keep a pulse on nuclear investing through our weekly research.

For more news, information, and analysis, visit the Nuclear Energy Content Hub.

vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.

Why These 3 Nuclear ETFs Are Getting a Fresh Look as AI Power Demand RisesCameco NYSE: CCJ said its 2026 annual plan remains intact as it navigates temporary operational disruptions at its Saskatchewan uranium assets and sees strengthening conditions in long-term uranium contracting and nuclear-power development.

Chief Executive Officer Tim Gitzel said the company is on track with its expectations for the year, citing growing government, utility and industry support for nuclear energy as a source of energy security, national security, economic competitiveness and decarbonization.

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Uncle Sam Plugs In: Nuclear Energy’s Cash Flow Moment Is Finally Here“The next phase of nuclear growth will be defined by delivery,” Gitzel said, pointing to policy support, reactor life extensions, uprates, fuel-security initiatives and new-build discussions globally. He highlighted Canada’s nuclear energy strategy, released in June, and a U.S. Department of Energy conditional commitment to support AP1000 reactor deployment.

Production outlook maintained despite operational interruptions Cameco maintained its 2026 production outlook for its share of uranium output at between 19.5 million and 21.5 million pounds of U3O8. The company said spring road conditions disrupted northern supply routes during the second quarter, contributing to temporary unplanned disruptions at Key Lake and McArthur River.

AI’s Power Problem Is Turning Nuclear Stocks Into a Bigger Market StoryAfter the quarter ended, Cigar Lake production was also suspended for a couple of weeks because of operational challenges, Gitzel said. The company said it addressed the developments without changing its annual production forecast.

“Safely operating complex, heavily regulated uranium mining and milling assets in remote northern Saskatchewan is never without challenges,” Gitzel said. He said the events underscored the importance of flexibility in Cameco’s supply strategy, operating experience and risk management.

During the quarter, Cameco completed an agreement to increase its ownership interest in the Cigar Lake mine. Gitzel described the high-grade operation as one of the world’s most important uranium mines and said the increased interest supports the company’s strategy of owning and operating scarce Tier 1 assets.

Uranium pricing and contracting conditions improve Gitzel said long-term uranium prices reached decade highs in the first half of 2026, while on-market and off-market contracting activity increased. Customers remain focused on supply security, according to the company, including both sovereign and commercial fuel buyers.

Cameco has contracts in place for average annual uranium deliveries of more than 28 million pounds over the next five years. The company said it remains selective in committing additional volumes, seeking contracts that provide downside protection while retaining exposure to improving future market conditions.

President and Chief Operating Officer Grant Isaac said the company’s higher realized uranium price reflected deliveries under existing contracts with market-related pricing components, as well as the impact of a stronger U.S. dollar relative to the Canadian dollar.

Isaac said industry contracting has not yet reached replacement-rate demand, meaning utilities collectively are not buying enough new supply to replace uranium consumed under current contracts. Nevertheless, he said the long-term uranium price had moved into the mid-$90s per pound and could continue higher.

The company is also seeing higher pricing structures in new market-related contracts. Isaac said floor prices in such contracts are now commonly in the high-$70s per pound, with escalators, while ceiling prices can reach $160 per pound, also with escalators. He emphasized that Cameco does not seek to win business by discounting contract floors and ceilings.

Chief Financial Officer Heidi Shockey said a change in the company’s cost outlook was primarily driven by foreign-exchange effects on purchases rather than inflation. Cameco had adjusted its exchange-rate assumption because of U.S.-dollar strength.

Westinghouse pipeline includes 91 AP1000 opportunities Cameco said its Westinghouse segment delivered strong first-half performance when compared with the prior year excluding a significant 2025 contribution associated with Westinghouse’s participation in the Dukovany reactor construction project in the Czech Republic. Cameco said its second-quarter and first-half financial results were lower year over year largely because of that prior-year payment.

Westinghouse Global Managing Director Dominic Kieran said the company’s disclosed pipeline of 91 reactor opportunities pertains specifically to AP1000 technology and excludes potential opportunities involving Korean reactor technology.

Kieran said Westinghouse expects its share of project value to be broadly similar across jurisdictions, estimating approximately 40% to 45% of the total project scope. He said the company’s role is focused on site-specific engineering and procurement for AP1000 construction, while the AP1000’s finalized design provides a defined procurement scope.

Westinghouse announced in June a $17.5 billion conditional commitment from the U.S. Department of Energy’s financing team to facilitate ordering AP1000 long-lead items. Kieran said the next step would be progressing toward definitive agreements involving specific U.S. utilities and the Department of Energy.

The company said it could not provide further details regarding a potential Westinghouse offering because of U.S. Securities and Exchange Commission rules. Gitzel said Cameco and Brookfield currently control Westinghouse and do not expect that to change.

New-build strategy emphasizes standardized technology Management said the AP1000’s existing design, licensing status, fuel readiness and deployment history could help reduce first-of-a-kind risks for future projects. Isaac said successful nuclear construction depends on “standardize, sequence and simplify” practices, including using a common reactor design, sequencing projects to avoid labor and supply-chain competition, and applying lessons from prior builds.

For the DOE long-lead-item program, Isaac said project special-purpose vehicles would combine utility equity with Westinghouse participation through margin rather than cash investment. Once a utility reaches a final investment decision, the project vehicle would be sold to the relevant utility, he said.

Management also said the company’s AP300 design requires relatively modest capital to finalize because it is a scaled-down version of the AP1000. Westinghouse’s eVinci microreactor program is focused on smaller-megawatt applications and current U.S. government opportunities that Kieran said are self-funding.

Gitzel said new reactor construction would ultimately support recurring demand not only for Westinghouse fuel, refueling and outage services, but also for Cameco’s uranium, conversion and potentially enrichment businesses.

About Cameco (NYSE:CCJ)Cameco Corporation NYSE: CCJ is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company's operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco Announces Westinghouse's Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering.

Cameco (CCJ -2.75%) stock has performed exceptionally well over the past few years. Since 2020, shares of the uranium producer are up by more than 1,000%.

What has fueled Cameco's stock price surge? The main factor has been the rising demand for uranium. In 2022, uranium traded at roughly $30 per pound. Today, prices are approaching $100 per pound.

There have been price surges in the past. In 2007, prices also surged above $100 per pound, only to fall back under $30 per pound by 2018.

This surge, however, might be different. That's because nuclear agencies are calling for structurally higher demand for nuclear power to help fuel the global AI data center build-out. According to recent estimates, we could be seeing higher uranium prices for decades to come.

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Here's why uranium demand is expected to rise 140% by 2050 The Nuclear Energy Agency and the International Atomic Energy Agency regularly publish what is called the "red book." This publication forecasts future nuclear energy supply based on industry project pipelines and growth expectations. The latest report calls for world nuclear capacity to jump from 394 GWe in 2023 to 574 GWe in the low-demand case and 900 GWe in the high-demand case.

Image source: Getty Images.

This forecast is a significant change from the 2022 version of the red book, which called for a much more modest increase in nuclear capacity. The sizable increase in expectations can largely be attributed to AI's rapidly rising demand for a clear, reliable baseload power supply.

More nuclear energy generation capacity means greater demand for nuclear energy. And both agencies believe current uranium supplies won't be enough to support the build-out. This means two things: Either uranium prices are set to rise aggressively, or miners will need to expand production. Both should be good outcomes for uranium producers like Cameco.

Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.

Cameco Corporation (TSX:CCO) has been upgraded to Buy by UBS on a strengthened uranium bull case that analysts believe is not reflected in the producer's share price.

The upgrade follows a pullback in the stock of 18% over the past month and 27% over the past six months, which UBS said reflects broader market and AI-related sentiment rather than any change in the company's fundamentals.

UBS said the uranium bull case has strengthened this year, pointing to long-term contract prices at record highs, accelerating utility contracting and requests for proposals, and continued government support for nuclear power.

The bank also cited recent momentum behind AP1000 reactor deployment and the prospect of further reactor announcements as reinforcing its view that the nuclear cycle remains in its early innings, with demand growth exceeding a 3.5% compound annual growth rate.

UBS kept its price target unchanged at C$166 per share, based on a 45x multiple on 2028 estimated earnings.

Heightened geopolitical risk further underscores the strategic value of uranium supply, according to UBS, which described Cameco as the clearest and most liquid global exposure to the nuclear thematic. The bank expects the stock to stay structurally crowded given its scarcity value, industry leadership and leverage to a multi-decade growth story.

Catalysts UBS is watching this year include further contract price upside, meaningful AP1000 announcements or government support, plans for physical uranium futures, and continued supply challenges among incumbent producers.

Contract prices near record highs Term contract prices have risen in nearly every month this year, reaching $96 per pound, up 20% year-over-year. UBS said recent tenders have reportedly attracted large volumes, with contract structures typically incorporating price floors of $75 to $77 per pound and ceilings as high as $155 per pound. UBS's own real price estimate sits at $100 per pound.

Contracting activity is now concentrated on deliveries between 2031 and 2035, with some utilities already extending procurement plans into the 2040s, a trend UBS said highlights growing concern over long-term supply availability. The bank believes utilities are increasingly prioritizing security of supply amid persistent production delivery risks, geopolitical uncertainty and an expanding reactor pipeline.

Demand visibility continues to improve through reactor life extensions, new-build momentum, AP1000 deployment and potential small modular reactor announcements, UBS said, while the long lead times required to bring new mine supply online limit the industry's ability to respond quickly. The bank views record term prices and accelerating utility procurement as further evidence of a structurally tightening uranium market, even as spot prices and equities have shown weakness.

Westinghouse seen as underappreciated growth driver UBS argued the market is not fully valuing Cameco's stake in Westinghouse, which combines a highly recurring services and fuel business tied to its large installed reactor base with significant growth optionality from new reactor construction.

The AP1000 reactor design is well positioned to benefit from accelerating global nuclear deployment, UBS said, with each new reactor generating upfront engineering and procurement revenue as well as decades of high-margin fuel and services income. The bank believes the market largely reflects only currently contracted projects while assigning limited value to the future incremental pipeline, which it sees as a source of meaningful, if delayed, upside in the coming years.

The market expects Cameco (CCJ - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis uranium producer is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of -49%.

Revenues are expected to be $534.36 million, down 15.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 62.96% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Cameco?For Cameco, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Cameco will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Cameco would post earnings of $0.29 per share when it actually produced earnings of $0.34, delivering a surprise of +17.24%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Cameco doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Alternative Energy - Other industry, TC Energy (TRP - Free Report) , is soon expected to post earnings of $0.59 per share for the quarter ended June 2026. This estimate indicates no change from the year-ago quarter. Revenues for the quarter are expected to be $2.74 billion, up 1.5% from the year-ago quarter.

The consensus EPS estimate for TC Energy has been revised 0.5% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +3.80%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that TC Energy will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Posted by Defense World Staff on Jul 24th, 2026

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) is expected to post its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect Cameco to announce earnings of $0.31 per share and revenue of $573.7270 million for the quarter. Parties can find conference call details on the company’s upcoming Q2 2026 earning report for the latest details on the call scheduled for Friday, July 31, 2026 at 8:00 AM ET.

Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company had revenue of $607.49 million during the quarter, compared to analyst estimates of $598.63 million. During the same quarter last year, the business posted $0.16 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts expect Cameco to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Cameco Trading Down 1.0% NYSE CCJ opened at $89.47 on Friday. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. Cameco has a 1-year low of $68.96 and a 1-year high of $135.24. The firm’s fifty day simple moving average is $101.60 and its 200-day simple moving average is $110.66. The company has a market capitalization of $38.97 billion, a PE ratio of 82.85, a price-to-earnings-growth ratio of 1.43 and a beta of 1.02.

Institutional Investors Weigh In On Cameco Several institutional investors and hedge funds have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. bought a new position in Cameco during the 4th quarter valued at about $28,000. Corient Private Wealth LLC increased its holdings in shares of Cameco by 1,339.8% during the fourth quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company’s stock worth $88,247,000 after buying an additional 897,558 shares in the last quarter. Alpine Woods Capital Investors LLC raised its stake in shares of Cameco by 57.6% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 9,766 shares of the basic materials company’s stock valued at $893,000 after acquiring an additional 3,568 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Cameco by 9.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,208 shares of the basic materials company’s stock worth $1,025,000 after acquiring an additional 939 shares in the last quarter. Finally, Vident Advisory LLC grew its position in Cameco by 5.5% during the 4th quarter. Vident Advisory LLC now owns 511,768 shares of the basic materials company’s stock worth $46,822,000 after acquiring an additional 26,699 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.

Analyst Ratings Changes CCJ has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price target on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, June 29th. Sanford C. Bernstein restated an “outperform” rating and issued a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. Barclays decreased their target price on Cameco from $108.00 to $104.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 15th. Weiss Ratings lowered shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Finally, TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cameco currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.18.

Read Our Latest Analysis on Cameco

Cameco Company Profile (Get Free Report)

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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The Global X Uranium ETF (NYSEARCA:URA) has taken a sharp turn lower even as the underlying commodity refuses to break. URA trades near $39, down nearly 18% over the past month and roughly 10% over the past week, while spot uranium has held near $85 per pound. That gap between what mining equities are pricing and what utilities are actually paying for U3O8 is the story of URA right now, and it frames what holders should be watching next.

What URA Actually Owns and Why the Selloff Stings URA is the largest pure-play uranium ETF, giving investors exposure to miners, developers, and nuclear-fuel companies through a single ticker with a 0.69% expense ratio. The fund solves a real problem: retail investors cannot buy physical uranium easily, and single-stock miner risk is punishing. The tradeoff is that URA is heavily concentrated in a handful of names, with Cameco (NYSE:CCJ | CCJ Price Prediction) setting the tone.

Even after the recent drawdown, the longer-term thesis is intact. URA is still up roughly 144% over five years and 277% over ten, driven by the same AI data center power thesis that pushed Cameco up more than 415% over five years. The one-year return of less than 1% tells you the easy money already ran.

The Macro Factor: Utility Contracting, Not Spot Prices The single macro variable that matters most for URA over the next twelve months is the pace of long-term utility contracting, not the daily spot tick. Spot uranium prices only reflect roughly a fifth of global volume. The other 80% moves through multi-year contracts between miners and nuclear utilities, and those contract prices are what actually feed miner earnings.

Watch the UxC and TradeTech monthly reports for the long-term contract price. If that number crosses $90 per pound and stays there, expect URA’s miners to be aggressive with new mine restarts and off-take announcements. If it drifts back toward $75, the AI-data-center narrative starts losing its financial backing. Check monthly. The EIA’s Uranium Marketing Annual Report, which showed weighted-average delivery prices climbing steadily through 2024, is the free public benchmark most investors miss.

The historical parallel is 2007. Spot uranium blew past $130 that year, miners tripled, then long-term contract prices refused to follow and the entire complex collapsed. A repeat of that spot-versus-term divergence is the tail risk here.

The Fund-Specific Factor: Cameco Concentration URA’s top holding drives an outsized share of daily returns. Cameco alone typically accounts for roughly a fifth of the portfolio, and its 19% one-month decline is why URA looks worse than the underlying commodity. NexGen Energy (NYSE:NXE), another top-ten holding, is down about 16% over the same month despite being up 27% year-over-year.

What to monitor: Cameco’s next quarterly earnings and specifically its realized price per pound and its book of contracted deliveries. If realized prices lag spot by more than $20, that tells you legacy contracts are still capping upside and URA holders should temper their expectations regardless of where spot goes. Investors who want commodity exposure without the miner leverage can look at the Sprott Physical Uranium Trust as a cleaner proxy.

What URA Holders Should Track Next Watch the long-term contract price in the next UxC monthly report for the macro read, and watch Cameco’s realized price in its next earnings release for the fund-specific read. Both need to move higher together for URA to reclaim its recent highs.

Contact [email protected] for any questions or corrections.

More than a year after the federal government renewed a push toward nuclear energy, the industry is building momentum thanks to a streamlined process for reactor authorization, an ambitious goal of 300 additional gigawatts of capacity by 2050, and more. The timing is crucial, as AI electricity demand continues to grow and low-carbon energy generation via nuclear facilities is particularly appealing in these contexts.

To be sure, challenges remain: sourcing the high-assay low-enriched uranium (HALEU) necessary for some next-gen reactors is difficult, and supply chain and manufacturing capacity limitations, workforce shortages, and the licensing process can all hold up the industry's capabilities to deliver nuclear energy quickly. Still, as the industry continues to evolve and grow, a number of exchange-traded funds (ETFs) can expose investors to the many potential growth opportunities in the nuclear industry. Now may be a good time to explore these options, as a sell-off in the industry in 2026 after a previous successful run can present buy-in opportunities.

Get NLR alerts:

A Selective Basket of Global Nuclear StocksVanEck Uranium and Nuclear ETF Today

NLR

VanEck Uranium and Nuclear ETF

$104.20 -0.47 (-0.45%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$101.92▼

$168.12Dividend Yield3.03%

Assets Under Management$3.73 billion

The VanEck Uranium and Nuclear ETF NYSEARCA: NLR is one of the oldest nuclear industry ETFs on the market, having launched in the summer of 2007. The fund's staying power may be due to its broad strategy within the industry, allowing access to the full nuclear power generation process from the sourcing and production of input materials to companies operating power plants and more.

NLR achieves this mix despite its fairly small basket of 32 stocks. With a targeted portfolio like this, investors should expect that some names will receive sizable allocations, and indeed, the largest positions here do range up to 8% or more. Still, given its global focus, NLR is able to funnel its assets into the most stable, highest-performance nuclear stocks available worldwide, aiming for both breadth and quality.

Like many nuclear funds, NLR's year-to-date (YTD) performance is in the red: the ETF has declined by almost 12% in 2026. This valuation reset across the industry could provide an opportunity, although investors must be willing to accept NLR's 0.56% expense ratio while they wait for the momentum to build again.

A Unique Play on Uranium Miners With a Commodities TwistSprott Uranium Miners ETF Today

URNM

Sprott Uranium Miners ETF

$48.22 -0.55 (-1.13%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$43.10▼

$84.95Assets Under Management$1.73 billion

For a more targeted play on uranium itself, investors might consider the Sprott Uranium Miners ETF NYSEARCA: URNM. This fund invests primarily in companies involved in the uranium mining industry, including those that explore, develop, produce, or hold physical uranium. This industry is a niche one, and URNM has only 31 holdings based on a global screen. Given the significant overlap between URNM's portfolio and NRL's holdings, it's unlikely that investors would want to hold both funds at the same time.

Three positions in URNM's basket make up nearly half of the fund's total assets, collectively. These include uranium providers Cameco Corp. NYSE: CCJ and NexGen Energy NYSE: NXE, but the third stands out: it is a position in the Sprott Physical Uranium Trust, which holds physical uranium. Thus, URNM is in part a commodities play on uranium itself. This may help to explain why the fund is somewhat more expensive than several of its nuclear peers, with an expense ratio of 0.75%.

Despite its YTD decline, URNM offers a dividend yield of 2.59%, a passive income perk even as the nuclear industry is in the midst of a reset.

An Alternative Approach to Uranium With a Standout Dividend YieldGlobal X Uranium ETF Today

URA

Global X Uranium ETF

$38.73 -0.38 (-0.97%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$35.64▼

$62.28Dividend Yield5.37%

Assets Under Management$5.38 billion

A competitor of URNM, the Global X Uranium ETF NYSEARCA: URA also focuses on the material essential for nuclear power. However, URA accesses uranium via shares of companies involved in mining and production, rather than through any type of direct investment in the commodity itself. URA has the broadest portfolio of these three ETFs, with about 56 holdings from developed markets around the world. Still, it is, in some ways, also the most concentrated: Cameco shares make up nearly a quarter of the fund.

URA's expense ratio of 0.69% lies between the two funds' fees above, and it has a solid asset base of $5.7 billion and a hearty trading volume to match. This makes the fund appealing to investors seeking the flexibility to make frequent trades without worrying about liquidity. It may also reflect the ETF's strong dividend yield of 5.26%. While UFA has also slipped so far this year, it has held up better than the other uranium-focused funds on this list.

Should You Invest $1,000 in VanEck Uranium and Nuclear ETF Right Now?Before you consider VanEck Uranium and Nuclear ETF, you'll want to hear this.

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Key Takeaways Cameco resumed Cigar Lake production after a two-week disruption, with 2026 output guidance intact.CCJ increased its Cigar Lake stake to 57.418% and expects an updated attributable production outlook.Cameco overcame operational setbacks at Cigar Lake and McArthur River, supporting production plans. Cameco Corporation (CCJ - Free Report) has confirmed that operations at the Cigar Lake uranium mine and Orano’s McClean Lake mill have resumed and reinforced confidence in its 2026 output targets. The restart follows a temporary suspension announced earlier this month due to operational issues at the McClean Lake mill, where all Cigar Lake ore is processed.

The disruption stemmed from problems at the mill's sulfuric acid plant, which was forced to be shut down for repairs. The McClean Lake mill has now resumed operations. Cigar Lake has begun shipping stockpiled ore to the mill and has restarted production at the mine.  
Despite the roughly two-week interruption, Cameco expects no impact on the mine's annual production guidance of 17.5-18.0 million pounds on a 100% basis.

Cigar Lake remains one of Cameco's most strategic assets. Located in northern Saskatchewan, Canada, the mine is renowned for its exceptionally high-grade uranium ore and long reserve life, making it one of the world's premier uranium operations. Cameco recently strengthened its position by increasing its ownership stake in the mine by 2.871 percentage points to 57.418%.

In 2025, the mine produced 19.1 million pounds, with Cameco’s attributable share at 10.4 million pounds. Under its previous 54.547% ownership, the company had projected attributable 2026 production of 9.5-10.0 million pounds. Following the recent increase in ownership, the company is expected to update its attributable production outlook to reflect the same.

The Cigar Lake restart marks the second operational challenge Cameco has successfully navigated this year. In May, the company temporarily suspended operations at its McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a critical transportation route used to deliver supplies to the sites. Cameco quickly established an alternative logistics route, restoring the flow of essential materials and enabling both operations to return to full production within a short period.

Importantly, that disruption also left Cameco's production outlook unchanged. Uranium production is expected to be 14.0-16.5 million pounds from the McArthur River and Key Lake operations, with CCJ’s attributable share at 10-11.5 million pounds. Across its portfolio, Cameco still expects consolidated attributable uranium production of 19.5-21.5 million pounds this year, highlighting the resilience of its operating model despite temporary setbacks.

Peer Energy Fuels (UUUU - Free Report) has demonstrated strong production momentum. Energy Fuels has produced more than 1.5 million pounds of uranium in the first half of 2026, already surpassing the lower end of its full-year production guidance of 1.5-2.5 million pounds. 

Achieving this level of output within the first six months of the year reflects the strength of Energy Fuels’ operating performance and positions it well to meet, or potentially exceed, its annual targets. Energy Fuels had mined 1.7 million pounds of uranium in 2025.

Uranium Energy (UEC - Free Report) produced 32,195 pounds of uranium concentrate at Christensen Ranch in the third quarter of fiscal 2026 ended April 30, 2026. Operationally, Uranium Energy reached a milestone by commencing production at its Burke Hollow project in April. Burke Hollow is the largest greenfield in-situ recovery (ISR) uranium project to enter production in the United States in more than a decade. Uranium Energy expects production to increase in the fourth quarter of fiscal 2026 as Christensen Ranch header houses and Burke Hollow contribute for the full quarter.

CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 20.2% in a year compared with the industry’s 14.8% growth. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales multiple of 15.62X compared with the industry’s 5.16X. 

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 16.5%. The same for 2027 implies growth of 61.7%.

Image Source: Zacks Investment Research

While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has moved up, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Energy Fuels combines rising uranium output with expanding rare earth capabilities and lower expected costs.UUUU targets up to 2.5M pounds of uranium mining in 2026 and secured critical minerals financing.CCJ offers scale and contract visibility, but 2026 guidance reflects softer revenue expectations. Energy Fuels Inc. (UUUU - Free Report) and Cameco Corporation (CCJ - Free Report) are the leading players in the uranium space, positioned to benefit from a strengthening global nuclear energy cycle.

With nuclear power gaining traction as a reliable, low-carbon energy source, uranium demand fundamentals remain favorable. For investors seeking exposure to the sector, comparing Energy Fuels and Cameco’s operations, growth outlook and risk profiles will help determine which stock is the more attractive investment opportunity. 

The Case for UUUUEnergy Fuels has produced nearly two-thirds of all uranium in the United States since 2017 and continues to scale uranium production while developing rare earth element (REE) capabilities, backed by its debt-free balance sheet. 

UUUU’s first-quarter 2026 revenues surged 112% year over year to $35.8 million, driven by uranium sales. Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year on increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.

Despite higher costs, stronger uranium revenues and higher other income helped narrow the quarterly loss to four cents per share from 13 cents a year ago.

UUUU expects to mine 2-2.5 million pounds of uranium in 2026 and process between 1.5 million and 2.5 million pounds of finished uranium. Management recently indicated that White Mesa Mill had processed approximately 1.6 million pounds during the first half of the year, already exceeding the lower end of its full-year guidance.

The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026 and boosting its margins.

Energy Fuels plans to sell 1.5-2 million pounds of uranium in 2026 under existing contracts and spot market sales. It currently has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2026 to 2032, with 3.36 million pounds of committed base sales and potential total deliveries ranging from 2.92 million to 4.88 million pounds, depending on customer options. 

Energy Fuels’ growth is supported by standby projects like Nichols Ranch ISR and Whirlwind, which could collectively add up to 500,000 pounds of annual uranium output within six-12 months of a “go” decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.

Energy Fuels is also making significant progress in rare earths. During the first quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, the first U.S. primary production of this critical heavy REE in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined expansion plans for the White Mesa Mill to boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium. 

The company recently secured a conditional commitment for up to $725 million in financing from the U.S. Office of Strategic Capital that will support the expansion of critical mineral processing capabilities at its White Mesa Mill in Utah and the development of a rare earth metals and alloys manufacturing facility. Energy Fuels has also announced the planned acquisition of VAC Group, which would strengthen its downstream magnet manufacturing capabilities. 

The Case for CCJCameco remains one of the largest and most established uranium producers globally. Its tier-one mining and milling operations are capable of producing more than 30 million pounds of uranium concentrates annually (its share). Cameco accounted for 15% of global uranium production in 2025.

Beyond mining, the company has a diversified presence across the nuclear fuel cycle, including refining, conversion and fuel services. Its strategic stakes in Westinghouse and Global Laser Enrichment add long-term optionality tied to reactor deployment and enrichment technologies.
In the first quarter of 2026, Cameco’s total revenues were up 7% to CAD 845 million ($616 million), supported by stronger uranium segment performance that offset weaker fuel services revenues. Adjusted earnings surged 194% year over year to CAD 0.47 (34 cents) per share, attributed to higher revenues and stronger equity earnings from its 49% interest in Westinghouse Electric Company.

For 2026, CCJ expects attributable uranium production from McArthur River mine/Key Lake and Cigar Lake to range between 19.5 million and 21.5 million pounds compared with 21 million pounds of uranium in 2025. Cameco recently increased its ownership in Cigar Lake to 57.418% and is expected to update its attributable production outlook accordingly.

Earlier this year, flooding in northern Saskatchewan led to the suspension of operations at the Key Lake mill and McArthur River. Production resumed after alternative supply routes were established and the impact was not material to the company’s guidance. Recently, Cameco temporarily halted mining at Cigar Lake because of operational issues at the McClean Lake mill, where the ore is processed. While management does not currently expect any impact on 2026 guidance, a prolonged outage could require a reassessment.

For 2026, uranium deliveries are targeted at 29-32 million pounds, lower than the 33-million pounds delivered in 2025. Based on an average realized price of CAD 85.00-89.00 per pound, uranium revenues are projected at CAD 2.54-2.73 billion for 2026, suggesting a 7% year-over-year decline at the midpoint. For the fuel services segment, CCJ guides uranium hexafluoride production between 13 million and 14 million kgUs, and fuel services revenues at CAD 590-630 million. Overall, Cameco guides total 2026 revenues of CAD 3.13-3.37 billion, with the mid-point indicating a 7% year-over-year decline.

Despite softer near-term guidance, Cameco enjoys excellent contract visibility. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. The company also has sale contracts for roughly 83 million kilograms of UF6 conversion to 33 customers. 

Cameco is investing to expand production and capture favorable market conditions, including extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis).

Cameco could also benefit indirectly from the U.S. Department of Energy's conditional commitment of up to $17.5 billion for domestic nuclear reactor projects, given its 49% ownership stake in Westinghouse.

How do Estimates Compare for Energy Fuels & Cameco?The Zacks Consensus Estimate for Energy Fuel’s 2026 revenues indicates a year-over-year surge of 117%. The company is expected to incur a loss of 14 cents per share in 2026, suggesting a narrower loss than the 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s revenues for 2027 indicates a year-over-year gain of 57% to around $225 million. Earnings estimates for 2027 are pegged at nine cents per share, indicating a turnaround performance.

The Zacks Consensus Estimate for Cameco’s 2026 revenues implies a year-over-year decline of 4.1%. The consensus mark for earnings of $1.20 per share indicates year-over-year growth of 16.5%. The Zacks Consensus Estimate for Cameco’s 2027 revenues suggests year-over-year growth of 12.7%, with EPS expected to rise 61.7% to $1.94 per share.

Image Source: Zacks Investment Research

Earnings estimates for 2026 for UUUU have remained unchanged over the past 60 days, while those for 2027 have moved up. Earnings estimates for 2026 for CCJ have moved down over the past 60 days, while those for 2027 have moved up. 

Image Source: Zacks Investment Research

UUUU & CCJ: Price Performance & ValuationEnergy Fuels’ stock has appreciated 68.2% in the past year, outperforming Cameco’s 19% gain.

Image Source: Zacks Investment Research

Energy Fuels is trading at a forward price-to-sales multiple of 17.47X, while Cameco’s forward sales multiple sits at 15.39X.

Image Source: Zacks Investment Research

ConclusionEnergy Fuels offers a compelling combination of accelerating uranium production, improving cost economics and an expanding rare earth business that broadens its long-term growth potential. Cameco offers scale, stability and deep integration across the nuclear fuel cycle and long-term contract visibility. However, its near-term outlook is tempered by softer revenue guidance and operational disruptions.

Energy Fuels presents the stronger case despite its higher valuation, supported by improving fundamentals and diversification. Energy Fuels currently carries a Zacks Rank #2 (Buy), while Cameco has a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of CCJ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Key Takeaways Cameco halted Cigar Lake mining after Orano's McClean Lake mill's sulfuric acid plant shut down.Operations at McClean Lake are expected to resume in two weeks, with no current impact on 2026 guidance.Cigar Lake produced 19.1 million pounds in 2025, with Cameco's share at 10.4 million pounds. Cameco Corporation (CCJ - Free Report) has temporarily suspended operations at Cigar Lake mine, citing operational issues at Orano’s McClean Lake mill, where Cigar Lake ore is processed. The mill is expected to resume operations in two weeks, and the company does not currently anticipate any impact on its 2026 production guidance for Cigar Lake. However, any prolonged outage at the McClean Lake mill could prompt a reassessment of that outlook.

The disruption stems from problems at the mill's sulfuric acid plant, which was forced to shut down for repairs. Orano is working to restore the acid plant and is also evaluating alternative sources of sulfuric acid while it awaits replacement parts. With limited ore storage capacity at Cigar Lake, mining activities had to be stalled until sufficient acid was available to allow milling to resume at McClean Lake.

Cameco increased its ownership stake in Cigar Lake to 57.418%. Located in northern Saskatchewan, Canada, Cigar Lake is widely recognized for its exceptionally high-grade ore body and long reserve life, making it one of the most valuable uranium mines globally.

In 2025, the mine produced 19.1 million pounds, with Cameco’s attributable share at 10.4 million pounds. For 2026, Cigar Lake is expected to produce between 17.5 million and 18.0 million pounds on a 100% basis. Based on Cameco's previous ownership interest of 54.547%, its attributable production was projected at 9.5-10.0 million pounds. Following the recent increase in ownership, the company is expected to update its attributable production outlook to reflect the same.

This is the second operational disruption Cameco has faced this year. In May, the company temporarily suspended operations at its McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a critical transportation route used to deliver supplies to the sites. Cameco quickly established an alternative logistics route, restoring the flow of essential materials and enabling both operations to return to full production within a short period.

Despite the interruption, Cameco maintained the 2026 guidance for uranium production of 14.0-16.5 million pounds from the McArthur River and Key Lake operations, with its attributable share at 10-11.5 million pounds. The company expects consolidated attributable uranium production of 19.5-21.5 million pounds in 2026.

CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 30% in a year compared with the industry’s 22.6% growth. Uranium peers Energy Fuels Inc. (UUUU - Free Report) and Uranium Energy (UEC - Free Report) have gained 120.4% and 57%, respectively.

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CCJ stock is trading at a forward price-to-sales multiple of 16.67X compared with the industry’s 5.42X. Energy Fuels is currently trading at a forward price-to-sales ratio of 18.59X and Uranium Energy is trading at a loftier 59.76X.

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The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 17.5%. The same for 2027 implies growth of 58.8%.

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While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has remianed unchanged, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Cameco's premium valuation, strong Q1 uranium results, Cigar Lake stake boost and DOE-backed nuclear upside shape its case for waiting.

SASKATOON, Saskatchewan, Canada--(BUSINESS WIRE)---- $CCJ #cameco--Cameco (TSX: CCO; NYSE: CCJ) today announced our Cigar Lake mine in northern Saskatchewan has temporarily suspended operations due to challenges at Orano's McClean Lake mill, where Cigar Lake ore is processed. Orano's McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue. Orano is currently working to bring the acid plant back online and is assessing options.

Key Takeaways CCJ Q1 2026 adjusted EBITDA rose 44% YoY to CAD 509M ($372M).CCJ EBITDA growth driven by uranium price strength and Westinghouse, with 2025 EBITDA up 26% to CAD 1.93B.CCJ fuel services EBITDA fell 28% in Q1 2026 as prices dropped; Westinghouse 2026 EBITDA seen $370-$430M. Cameco Corporation’s (CCJ - Free Report) adjusted EBITDA has shown a strong and sustained upward trajectory over the past few years, driven primarily by uranium price strength and contributions from Westinghouse. 

In the first quarter of 2026, adjusted EBITDA rose 44% year over year to CAD 509 million ($372 million). This follows a strong 2025 performance, during which adjusted EBITDA rose 26% year over year to CAD 1.93 billion ($1.41 billion).  Over a longer horizon, profitability has expanded materially, with adjusted EBITDA rising more than fourfold from CAD 431 million in 2022 to CAD 1.93 billion in 2025.

The uranium segment remains the primary engine of EBITDA growth. In 2025, adjusted EBITDA increased 6% year over year to CAD 1.26 billion ($ 0.92 billion). This was supported by a 7% rise in revenues driven by a 9% increase in average realized uranium prices in Canadian dollar terms, somewhat offset by a 2% dip in sales volumes. Total cost of sales (including depreciation and amortization) increased 3%. 

Momentum strengthened further in the first quarter of 2026, when uranium revenues rose 15% to CAD 712 ($520 million) on higher volumes and prices. Cost of sales (including D&A) increased 9%. Adjusted EBITDA for the segment rose 48% year over year to CAD 423 million ($309 million).

The fuel services segment delivered strong growth in 2025 but showed some normalization in early 2026. In 2025, adjusted EBITDA increased 51% to CAD 219 million ($160 million). Revenues were up 22% for the year, attributed to a 14% increase in realized pricing. Total cost of products and services sold (including D&A) increased 10%. 

However, in the first quarter of 2026, adjusted EBITDA declined 28% to CAD 54 million ($39 million). Revenues dipped 1% with higher volumes being offset by a 17% decline in average realized prices.  Total cost of products and services sold (including D&A) increased 35%, weighing on the profitability in the quarter.

Westinghouse has emerged as a rapidly growing contributor to Cameco’s overall EBITDA profile. In 2025, adjusted EBITDA from Westinghouse increased 61% to CAD 780 million ($572 million) in 2025. This reflects the increase in Cameco’s share of Westinghouse’s second-quarter revenues tied to the Dukovany construction project. In the first quarter of 2026, adjusted EBITDA was CAD 122 million ($89 million), up 33% year over year. Management expects continued momentum, with 2026 guidance indicating Cameco’s share of Westinghouse’s adjusted EBITDA between $370 million and $430 million.

Looking ahead, Cameco’s EBITDA growth is expected to remain supported by sustained strength in uranium pricing, driven by structurally tight supply conditions and rising nuclear energy demand tied to energy security and decarbonization goals. The fuel services segment is expected to remain a stable contributor, supported by consistent conversion demand and improving pricing dynamics. 

Westinghouse represents an increasingly important long-term growth driver, offering exposure to global reactor restarts and nuclear construction pipelines. The Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) recently announced a conditional commitment of up to $17.5 billion in loan facilities to support investment in U.S. nuclear reactors. This is expected to provide the majority of the financing for Westinghouse to purchase the long-lead time items for up to 10 AP1000 nuclear reactors in the United States. The DOE financing package, combined with previous U.S. government initiatives supporting nuclear power, could create substantial opportunities for both Westinghouse and Cameco.

CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 40.7% compared with the industry’s 21.3% growth. Uranium peers Energy Fuels (UUUU - Free Report) gained 154.2% while Centrus Energy (LEU - Free Report) dipped 9.7%. 

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CCJ stock is trading at a forward price-to-sales ratio of 17.92 compared with the industry’s 5.21. Energy Fuels is trading higher at 19.93, while Centrus Energy is trading lower at 6.76.

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The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.21 per share indicates year-over-year growth of 17.5%. The same for 2027 implies growth of 58.7%.

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The consensus estimate for Cameco’s earnings for 2026 has moved up over the past 60 days, while the same for 2027 has moved down, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.