Key Takeaways CCJ's long-term contracts and nuclear fuel cycle exposure support its preferred investment case.Energy Fuels' second-quarter revenues surged 496% as uranium sales volumes and realized prices increased.CCJ's 2027 projected earnings growth is at 80.8%, while UUUU expands its rare earth and magnet businesses.
Energy Fuels Inc. (UUUU - Free Report) and Cameco Corporation (CCJ - Free Report) are well positioned to benefit from strengthening global demand for nuclear energy and the resulting need for reliable uranium supplies. While Energy Fuels is ramping up uranium production and expanding its rare earth elements (REE) business to capture opportunities across the critical materials value chain, Cameco leverages its large-scale uranium operations, diversified nuclear fuel cycle capabilities and strategic investments in nuclear technology to support long-term growth.
For investors seeking exposure to the nuclear energy sector, the two companies offer distinct investment propositions. Comparing their operating performance, growth prospects, earnings estimates and valuations can help determine which stock offers the more attractive risk-reward profile today.
The Case for UUUUEnergy Fuels has produced nearly two-thirds of all uranium in the United States since 2017. The company is scaling up uranium production while investing in rare earth processing and downstream capabilities to capitalize on growing demand for nuclear fuel and critical materials.
In the second quarter of 2026, Energy Fuels mined approximately 315,000 pounds of uranium, bringing first-half production to 740,000 pounds. Finished uranium production reached 865,000 pounds in the quarter and 1.7 million pounds in the first half, exceeding the low end of its full-year production guidance of 1.5-2.5 million pounds. The company expects to mine 2-2.5 million pounds of contained uranium in 2026 and sell 1.5-2 million pounds through spot and contracted transactions.
In March 2026, it successfully produced terbium (Tb) oxide at pilot scale, becoming the first U.S. company in decades to achieve this milestone. In August, its terbium oxide was qualified by one of the world's largest rare earth permanent magnet manufacturers outside China, marking progress toward commercializing its heavy rare earth capabilities.
Energy Fuels’ second-quarter revenues jumped 496% year over year to $25.1 million, driven by higher uranium sales volumes and realized prices. The company sold 310,000 pounds of uranium at an average realized price of $80.48 per pound compared with 50,000 pounds at $77 per pound in the year-ago quarter.
Costs applicable to revenues surged 192% to $10.7 million on higher uranium volumes sold, partially offset by lower weighted average cost per pound of uranium sold. Standby costs surged 61% year over year due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch. Selling, general and administration were up 31% year over year, reflecting increases in general headcount, salaries and benefits. UUUU also incurred $10.7 million in transaction and integration costs. The company reported a net loss of 13 cents per share in the quarter, wider than the year-ago quarter’s loss of 10 cents per share.
The company has six uranium supply contracts with U.S. nuclear utilities with deliveries extending to 2032. As of June 30, 2026, contracted volumes totaled 3.20 million base pounds, with minimum and maximum deliveries of 2.77 million and 4.72 million pounds, respectively.
Energy Fuels has a substantial pipeline of uranium development projects. The Whirlwind mine and Nichols Ranch ISR project alone could add up to 500,000 pounds of annual uranium production within a year of a development decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.
UUUU has begun expanding its White Mesa Mill to enable large-scale production of heavy rare earth oxides. Its acquisition of Australian Strategic Materials (ASM) adds the Korean Metals Plant in Ochang, South Korea, which currently has the capacity to produce 1,300 tons of neodymium-iron-boron (NdFeB) alloy annually. Expansion is underway to increase NdFeB alloy capacity at the Korean Metals Plant to 3,600 tons per year.
The plant also possesses commercial metallization capabilities for neodymium-praseodymium (NdPr) and is developing metallization capabilities for dysprosium (Dy) and Tb. This complements Energy Fuels' NdPr, Tb and Dy oxide production and expansion initiatives at its White Mesa Mill in Utah.
Energy Fuels is also seeking to move further downstream through its planned acquisition of permanent magnet manufacturer Vacuumschmelze (“VAC”), announced in June 2026. If completed, potentially as early as the first quarter of 2027, the deal would give UUUU exposure across a broader portion of the rare-earth value chain, from mineral resources and processing to finished magnetic products.
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) 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 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.
Despite near-term fluctuations in deliveries and earnings, Cameco benefits from substantial long-term contract visibility. The company has 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%.
How do Estimates Compare for Energy Fuels & Cameco?The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues indicates a year-over-year surge of 107%. The company is expected to incur a loss of 25 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 64.8% to around $225 million. Earnings estimates for 2027 are pegged at 3 cents per share.
The Zacks Consensus Estimate for Cameco’s 2026 revenues of $2.44 billion implies a year-over-year decline of 2%. The consensus mark for earnings of $1.07 per share indicates year-over-year growth of 3.9%. The Zacks Consensus Estimate for Cameco’s 2027 revenues suggests year-over-year growth of 11% to $2.71 billion, with EPS expected to rise 80.8% to $1.94 per share.
Image Source: Zacks Investment Research
Earnings estimates for UUUU have remained unchanged over the past 60 days, while those for 2027 have moved up. Earnings estimates for both years for CCJ have moved down over the past 60 days.
Image Source: Zacks Investment Research
UUUU & CCJ: Price Performance & ValuationEnergy Fuels’ stock has declined 61.4% in the past year compared with Cameco’s 4.9% dip.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 10.45X, while Cameco’s forward sales multiple sits at 13.17X.
Image Source: Zacks Investment Research
ConclusionBoth Energy Fuels and Cameco currently carry a Zacks Rank #3 (Hold), suggesting a balanced approach is warranted. However, Cameco appears to be the more attractive choice for investors seeking relatively established operations, scale and long-term revenue visibility. Its large production base, long-term uranium supply contracts and exposure to multiple stages of the nuclear fuel cycle provide a stronger operating foundation. Although near-term earnings have weakened and analyst estimates have moved lower, Cameco's projected 2027 earnings growth offers a potential recovery catalyst.
Energy Fuels, meanwhile, offers greater potential for growth through rising uranium production and its expanding rare earth and permanent magnet businesses. Its substantially lower share price performance and decreased forward sales multiple may appeal to investors willing to accept higher execution and profitability risks. However, its wider quarterly loss, integration costs and ambitious expansion plans make its investment case more dependent on successful project execution.
Overall, Cameco is the preferred option for investors prioritizing operating scale, diversification and greater earnings visibility, while Energy Fuels is better suited to risk-tolerant investors seeking higher potential growth from uranium and rare earth expansion.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Energy stocks are getting more attention lately, and for good reason. Electricity demand is booming. On top of that, the ongoing conflict in Iran has put oil markets in the spotlight, and ExxonMobil (XOM +0.13%) stock has surged over 47% since the start of the year. Meanwhile, uranium miner Cameco (CCJ +1.88%) stock is down 11%.
That divergence may be creating an opportunity. Is it time to forget about ExxonMobil and buy Cameco instead?
I think the answer is yes. Here's why.
Image source: Getty Images.
Why ExxonMobil stock could be peaking ExxonMobil stock has surged. Brent Crude Oil prices remain above $100 per barrel, driving strong growth for Exxon's integrated oil and gas business.
Analysts project earnings per share of around $13.23 this year, up 90% from last year, and the stock has moved higher to reflect that. That said, the run-up in oil stocks could be closer to its end than its beginning. Exxon trades at 13.3 times its forecast earnings for this year.
$178.09+$0.23 (+0.13%)
NYSE · As of 4:00 PM ET 10/21/26
What could drive Cameco higher Exxon's price-to-earnings multiple is far below Cameco's forward P/E of 45, but Cameco could be a better long-term buy right now. That's because the uranium industry has long faced underinvestment. However, as nuclear energy enjoys a resurgence, demand for uranium is expected to surge while supply comes online slowly.
Cameco has contracts to deliver roughly 28 million pounds of yellowcake per year, with most deliveries expected in the next couple of years. However, the company has a large amount of uncommitted volume for 2029 and 2030, which could help it lock in higher prices for future contracts.
CCJ Cameco$82.02+$1.51 (+1.88%)
NYSE · As of 4:00 PM ET 10/21/26
Bank of America projects the spot uranium price could surge to $130 per pound, a 44% increase from today's price. If uranium prices remain around $100 over the next two years, Cameco's average realized price is projected to rise to $80, up from $67.79 in the second quarter.
If that's the case, expect Cameco's earnings to grow faster than analysts currently forecast, which is why I think it's a better buy than ExxonMobil right now.
Bank of America is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in Cameco and ExxonMobil. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.
Cameco (CCJ - Free Report) ended the recent trading session at $82.02, demonstrating a +1.88% change from the preceding day's closing price. The stock's change was more than the S&P 500's daily gain of 0.58%. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.05%.
The uranium producer's stock has dropped by 14.89% in the past month, falling short of the Oils-Energy sector's gain of 6.29% and the S&P 500's gain of 0.97%.
Analysts and investors alike will be keeping a close eye on the performance of Cameco in its upcoming earnings disclosure. The company's earnings report is set to go public on October 30, 2026. In that report, analysts expect Cameco to post earnings of $0.23 per share. This would mark year-over-year growth of 360%.
For the full year, the Zacks Consensus Estimates project earnings of $1.07 per share and a revenue of $2.44 billion, demonstrating changes of +3.88% and -2.09%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Cameco. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.32% lower. Currently, Cameco is carrying a Zacks Rank of #3 (Hold).
In the context of valuation, Cameco is at present trading with a Forward P/E ratio of 75.24. This denotes a premium relative to the industry average Forward P/E of 16.79.
It's also important to note that CCJ currently trades at a PEG ratio of 1.64. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Alternative Energy - Other industry currently had an average PEG ratio of 1.91 as of yesterday's close.
The Alternative Energy - Other industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Cameco Corporation (NYSE:CCJ – Get Free Report) (TSE:CCO) was the target of some unusual options trading on Thursday. Traders acquired 64,670 put options on the stock. This is an increase of 186% compared to the average daily volume of 22,573 put options.
Wall Street Analyst Weigh In A number of research firms recently issued reports on CCJ. Zacks Research downgraded Cameco from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. Citigroup reaffirmed a “positive” rating on shares of Cameco in a report on Wednesday, July 15th. Jefferies Financial Group initiated coverage on shares of Cameco in a research note on Thursday, September 3rd. They set a “buy” rating and a $138.00 target price for the company. Weiss Ratings raised Cameco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen cut Cameco from a “hold” rating to a “sell” rating in a research report on Saturday, September 19th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $148.68.
View Our Latest Stock Analysis on Cameco
Cameco Price Performance Shares of NYSE:CCJ opened at $83.28 on Friday. Cameco has a 52 week low of $77.70 and a 52 week high of $135.24. The company has a 50-day moving average price of $94.43 and a 200 day moving average price of $101.63. The company has a market cap of $36.27 billion, a P/E ratio of 141.15, a PEG ratio of 1.66 and a beta of 1.17. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last released its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). The business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 EPS. Research analysts predict that Cameco will post 1.07 earnings per share for the current year.
Trending Headlines about Cameco Here are the key news stories impacting Cameco this week:
Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Cameco to $0.85 from $0.83. Although this remains below the broader consensus estimate of $1.07, the upward revision suggests modestly improving expectations for the uranium producer. Positive Sentiment: Scotiabank also increased its FY2027 EPS forecast to $1.44 from $1.30, a more substantial revision that may support investor confidence in Cameco’s longer-term earnings growth. Neutral Sentiment: The company’s planned Westinghouse spin-off remains a key investor focus. Cameco’s uranium mining operations delivered a solid second quarter, but reported net earnings of only C$25 million, or C$77 million on an adjusted basis, highlighting uneven near-term profitability and the stock’s demanding valuation. Negative Sentiment: Investors purchased 64,670 put options on Thursday, about 186% above Cameco’s typical daily put volume. The unusually high bearish-hedging activity may indicate increased concern about downside risk, though options volume alone does not confirm a change in the company’s fundamentals. Negative Sentiment: Cameco declined more sharply than the broader market in the prior session, closing at $81.47. The weakness may reflect profit-taking and valuation concerns after a strong longer-term uranium-related rally. Why Cameco Dipped More Than the Broader Market Institutional Trading of Cameco Several hedge funds and other institutional investors have recently made changes to their positions in CCJ. Bank of America Corp DE acquired a new stake in shares of Cameco in the 2nd quarter worth approximately $735,498,000. Canada Pension Plan Investment Board purchased a new position in shares of Cameco in the second quarter valued at $420,346,000. BlackRock Inc. acquired a new position in shares of Cameco during the 2nd quarter worth $381,091,000. Cibc World Market Inc. acquired a new position in shares of Cameco during the 2nd quarter worth $354,022,000. Finally, Amundi boosted its position in shares of Cameco by 13.7% in the 2nd quarter. Amundi now owns 2,992,074 shares of the basic materials company’s stock worth $304,773,000 after buying an additional 359,375 shares in the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.
About Cameco (Get Free Report)
Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. It is one of the world’s major suppliers of uranium, producing uranium concentrates used to generate nuclear power. The company’s operations span uranium exploration, mining, milling, refining, conversion and fuel manufacturing.
Cameco operates or has interests in uranium assets in Canada, the United States and Kazakhstan. Its Canadian portfolio includes the McArthur River and Cigar Lake mines and the Key Lake and McClean Lake milling operations in northern Saskatchewan.
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Shares of uranium miner Cameco (CCJ -0.72%) are down nearly 26% over the last six months -- and 36% off their all-time high. At the same time, uranium trades at a price that, outside of a few temporary spikes, it has never traded at previously.
So why is the premier nuclear company's stock performing so badly, and is this a buying opportunity?
Tailwinds and headwinds
The end market environment is excellent for Cameco. There's no shortage of interest in investing in small modular reactors (SMRs), and hyperscalers continue investing in nuclear power to ensure a reliable long-term supply for their artificial intelligence data centers.
Image source: Getty Images.
Moreover, the upcoming initial public offering of Westinghouse Electric (a nuclear power technology and services provider in which Cameco owns a 49% stake) will release value for Cameco shareholders and give the company access to liquidity should it ever need it.
As for the rising price of uranium, back in July's second-quarter earnings, management raised its expectation for full-year average realized price in its uranium segment (its largest earnings generator) to a range of 91 to 96 Canadian dollars per pound, from a range of CA$85 to CA$89 per pound.
While all of this is good news, the stock's underperformance stems from a perceived failure to capitalize on its environment following the release of a disappointing second-quarter earnings report. Even worse, the declines were across all three segments.
Segment
Adjusted EBITDA Second Quarter 2025
Adjusted EBITDA Second Quarter 2026
Change
Uranium
CA$352 million
CA$252 million
(CA$100 million)
Fuel Services
CA$57 million
CA$42 million
(CA$15 million)
Westinghouse (Cameco Share)
CA$126 million
(CA$10 million)
(CA$136 million)
Data source: Cameco presentations. EBITDA is earnings before interest, taxation, depreciation, and amortization.
Guidance remains good
That said, and somewhat confusingly, management's updated full-year guidance implies it's still on track for a strong year despite the weak second quarter. Starting with Westinghouse, management maintained guidance for full-year EBITDA of $370 million to $430 million.
In the uranium segment, management maintained full-year production guidance of 19.5 million pounds to 21.5 million pounds and delivery volumes of 29 million pounds to 32 million pounds. I've already noted that it raised estimates for an average realized price of uranium in 2026 by as much as CA$6.50, and even though it also raised average uranium unit cost of sales full-year guidance by as much as CA$2.50 to a new range of CA$63 to CA$67.50, it still implies an improving spread.
Finally, in fuel services, management increased the revenue guidance from CA$590 million to CA$630 million, to a new range of CA$610 million to CA$650 million.
With these improvements to the underlying guidance in mind, it appears likely that, provided Cameco maintains this guidance and delivers third-quarter earnings that bolster confidence in the company's ability to do so, the stock has excellent recovery potential.
CCJ Cameco$82.63-$0.60 (-0.72%)
NYSE · As of 11:07 AM ET 10/16/26
What Cameco needs to do to convince investors
In the uranium segment, production volume declined year over year to 3.9 million pounds, with "Spring road conditions" causing "temporary unplanned operational disruptions" and "operational challenges that had Cigar Lake production suspended for a couple of weeks," according to CEO Timothy Gitzel on the earnings call. Still, Gitzel claimed the company was able to overcome these issues "with no impact on annual outlook."
Cameco needs to demonstrate it is on track for its full-year guidance, and with 10.1 million pounds in the first six months, it does appear to be, despite the weak second-quarter production number.
Image source: Getty Images.
The issue at Westinghouse appears to be timing and a tough comparison to a bumper quarter in 2025, driven by a large revenue influx from a reactor project in the Czech Republic. Here, investors will again be looking for a recovery.
As for fuel services, management noted that sales volumes were weaker as customers chose when to receive deliveries, resulting in lumpiness.
Frankly, a lot of factors seemed to come together to give Cameco a weak-looking second quarter, and many of them need to turn around in the third quarter. Still, the end-market backdrop and pricing remain constructive, and the dip in the share price sets the stock up to outperform, given solid third-quarter earnings. That's a favorable scenario for investors.
shares fell 5.4%, bringing the current price to $81.47. This decline comes amid a challenging year for the stock, which has seen a 52-week range between $77.70 and $135.24.
GF Value™ verdict: Current price is $81.47, indicating a 21.3% overvaluation compared to the GF Value of $67.17.GF Score™ is 83/100, suggesting a strong overall performance.Notable signal: There have been no insider transactions in the past 12 months.Is CCJ Overvalued or Undervalued?Cameco Corp's current price of $81.47 is above the GF Value™ estimate of $67.17, indicating that the stock is overvalued by approximately 21.3%. The GF Value™ serves as GuruFocus' proprietary measure of intrinsic value derived from historical trading multiples, past business growth, and projections for future performance. This overvaluation suggests a lack of margin for safety, which could expose investors to potential downside risks if market conditions shift or if the company fails to meet growth expectations.
The GF Valuation label identifies CCJ as "Modestly Overvalued," further reinforcing the conclusion that the current share price does not adequately reflect the company's intrinsic value. Investors may want to exercise caution given the overvaluation and the potential for price correction in the future.
How Does CCJ's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)138.6x114.6x (5-Year Median)Forward P/E47.3xN/ACCJ's current price-to-earnings (P/E) ratio of 138.6x is significantly higher than its 5-year median of 114.6x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict of overvaluation, suggesting that investors may be paying too much relative to the company's earnings potential.
What Does CCJ's GF Score™ Tell Us?The GF Score™ evaluates a company's performance across several dimensions, including financial strength, profitability, growth, valuation, and momentum. CCJ's GF Score™ of 83/100 indicates a strong overall standing, with notable strengths in growth and financial strength, while profitability and valuation rank lower.
MetricRatingGF Score™83Financial Strength8/10Profitability5/10Growth9/10Valuation5/10Momentum7/10CCJ's strongest sub-rank is its growth score of 9/10, highlighting the company's potential for future expansion. However, its profitability rank of 5/10 indicates a need for improvement in this area. The balanced strengths and weaknesses suggest that while the company exhibits growth potential, there are challenges in translating that growth into profitability, which could be a concern for long-term investors.
What Are Gurus and Insiders Doing with CCJ?Currently, eight gurus hold positions in CCJ, with four adding to their holdings and six trimming their positions in recent quarters. This mixed activity among institutional investors may reflect a cautious optimism regarding the stock's future performance, but also indicates some hesitance about its current valuation.
There have been no insider transactions in the past 12 months, which could suggest a lack of confidence from company executives regarding the stock’s current price or future performance. Typically, insider buying can be viewed as a positive signal, while a lack of activity may raise questions about management's outlook.
What This Means for InvestorsCameco Corp
CCJ -5.43% 83
is currently overvalued based on GF Value™, which indicates a 21.3% premium over its intrinsic value. While the company's growth potential is strong, the elevated P/E ratio and lack of insider transactions raise concerns about the sustainability of its current price level. Investors may wish to consider these factors before making decisions regarding CCJ. For further details, visit the Cameco Corp (CCJ) stock page and explore the GF Value™ page for a deeper understanding of its valuation metrics.
Frequently Asked QuestionsWhat is CCJ's GF Score™?
CCJ has a GF Score™ of 83/100, indicating strong overall performance with strengths in growth and financial strength.
Is CCJ overvalued or undervalued?
CCJ is currently overvalued, with a GF Value™ estimate of $67.17 compared to its current price of $81.47.
What is CCJ's P/E ratio?
CCJ's P/E (TTM) is 138.6x, which is above its 5-year median of 114.6x, suggesting it is trading at a historical premium.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Cameco (CCJ - Free Report) closed the most recent trading day at $81.47, moving -5.43% from the previous trading session. This change lagged the S&P 500's daily loss of 1.11%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 1.88%.
Heading into today, shares of the uranium producer had lost 5.55% over the past month, lagging the Oils-Energy sector's gain of 4.62% and the S&P 500's gain of 2.06%.
The investment community will be paying close attention to the earnings performance of Cameco in its upcoming release. The company is slated to reveal its earnings on October 30, 2026. The company is forecasted to report an EPS of $0.23, showcasing a 360% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $494.94 million, reflecting a 10.91% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.07 per share and a revenue of $2.44 billion, demonstrating changes of +3.88% and -2.09%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Cameco. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.62% decrease. Cameco currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Cameco has a Forward P/E ratio of 80.77 right now. Its industry sports an average Forward P/E of 17.7, so one might conclude that Cameco is trading at a premium comparatively.
We can additionally observe that CCJ currently boasts a PEG ratio of 1.76. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Alternative Energy - Other industry stood at 2.02 at the close of the market yesterday.
The Alternative Energy - Other industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 97, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
NorthCrest Asset Manangement LLC bought a new position in shares of Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 49,031 shares of the basic materials company’s stock, valued at approximately $4,272,000.
Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE acquired a new position in shares of Cameco during the 2nd quarter valued at $735,498,000. Canada Pension Plan Investment Board acquired a new stake in Cameco during the 2nd quarter valued at approximately $420,346,000. BlackRock Inc. acquired a new stake in shares of Cameco during the second quarter worth approximately $381,091,000. Cibc World Market Inc. acquired a new position in Cameco during the 2nd quarter worth $354,022,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cameco in the 2nd quarter worth about $301,990,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.
Analyst Upgrades and Downgrades A number of equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Cameco from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. Bank of America decreased their price target on Cameco from $143.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered Cameco from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Jefferies Financial Group assumed coverage on Cameco in a research note on Thursday, September 3rd. They set a “buy” rating and a $138.00 price objective on the stock. Finally, Barclays reduced their target price on Cameco from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 4th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.68.
View Our Latest Report on Cameco Cameco Price Performance CCJ opened at $86.20 on Wednesday. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $94.89 and its 200 day moving average price is $101.94. Cameco Corporation has a fifty-two week low of $77.70 and a fifty-two week high of $135.24. The firm has a market cap of $37.54 billion, a price-to-earnings ratio of 146.11, a price-to-earnings-growth ratio of 1.76 and a beta of 1.17.
Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last posted its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.13). The business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 earnings per share. As a group, sell-side analysts expect that Cameco Corporation will post 1.07 earnings per share for the current year.
Cameco Company Profile (Free Report)
Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. It is one of the world’s major suppliers of uranium, producing uranium concentrates used to generate nuclear power. The company’s operations span uranium exploration, mining, milling, refining, conversion and fuel manufacturing.
Cameco operates or has interests in uranium assets in Canada, the United States and Kazakhstan. Its Canadian portfolio includes the McArthur River and Cigar Lake mines and the Key Lake and McClean Lake milling operations in northern Saskatchewan.
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VettaFi recently sat down with Range Fund Holdings Founder Tim Rotolo to analyze the nuclear sector outlook, discussing recent headwinds, why he views 2026 as a “year of digestion rather than deterioration,” and where the strongest demand drivers lie across the nuclear value chain.
Rotolo designed the VettaFi Nuclear Renaissance Index (NUKZX), which underlies the Range Nuclear Renaissance Index ETF (NUKZ).
Key Takeaways NUKZ traded ~5% below its 2025 close as of September 30, 2026, as an 80%-plus allocation to operating utilities and industrials buffered steep declines in speculative reactor developers. Global electricity demand is projected to grow 3.6% in 2026, driven by broad electrification, industry, air conditioning, and heat pumps, alongside AI data centers. Key 12-month indicators include Westinghouse announcing its AP1000 partners and sites, nuclear fuel contracting approaching replacement rates (~150 million lbs), and the Palisades restart. 2026 Nuclear Sector Review VettaFi: It’s been a more challenging year for the nuclear space, with flattish performance year-to-date. Can you talk about some of the headwinds this year, and are those transient in nature? Rotolo: We’d call this a year of digestion rather than deterioration. Nuclear equities came into 2026 after a big run. And much of this year has been the market repricing timelines and paying less for the AI story. NUKZ shows that clearly.
The fund was up 7.36% on NAV at the end of June, then gave back 6.06% in July, when the AI infrastructure sel-off hit power names like Constellation (CEG), Vistra (VST), and GE Vernova (GEV) on worries about data center returns and higher long-term rates. As of September 30, it was trading about 5% below its 2025 close. However, the early-stage reactor developers took the brunt of it. Oklo (OKLO) and NuScale (SMR) are down more than 40% this year through September, as investors come to terms with commercial operations in the 2030s and the dilution needed to get there.
Execution friction added to the pressure. The Palisades restart has taken longer than planned. And in late September, Holtec suspended a roughly $900 million IPO, with its CEO calling the backdrop a “perfect storm” tied to AI sentiment. Those AI-exposed developers are a small slice of NUKZ, with Oklo under 2%. Industrials and utilities make up more than 80% of the portfolio, which is why the fund has held up far better than the most speculative names.
We see most of this as transient, because the fundamentals haven’t moved against the thesis. Uranium ended August at $89.68/lb spot and $96.50/lb long term, based on the UxC and TradeTech month-end prices Cameco (CCJ) publishes. That’s up roughly 10% and 12%, respectively, from the end of 2025. And spot was still near $90 as of September 30.
Cameco also points to more contracting activity as utilities focus on security of supply. Policy keeps advancing too. In March, TerraPower received the NRC’s first construction permit for a commercial advanced reactor in more than 40 years. Four microreactors reached criticality under DOE’s pilot program by July 4. DOE conditionally committed $17.5 billion for AP1000 equipment.
What isn’t transient is that these projects are long and capital-intensive. We expect the gap to persist between companies earning contracted revenue today and those still years from first power.
Broad Electrification Shaping the Nuclear Sector Outlook VettaFi: AI has become a major part of the nuclear investment story. Which other sources of demand do you think deserve more attention from investors? Rotolo: The bigger story is electrification broadly. The IEA expects global electricity demand to grow 3.6% in 2026 and 3.8% in 2027, driven by industry, air conditioning, EVs, heat pumps, and data centers together. In the U.S., the EIA notes that consumption is rising again after nearly two decades of flat demand, with commercial and industrial load, including manufacturing, leading the way.
Additionally, defense is another underappreciated source. The Army just awarded up to $2.2 billion for microreactors at five bases, targeting September 2028 for the first unit and more than 20 planned across DoD installations. Industrial heat is also coming into focus, as Dow’s (DOW) Seadrift advanced reactor project in Texas received its environmental sign-off in May.
Energy security outside the U.S. may matter even more. Japan is targeting 20% to 22% nuclear by 2030. Korea has reversed its phase-out and is targeting 35% by 2036. India opened its nuclear sector to private investment with a goal of 100 GW by 2047. And Belgium lifted its ban on new construction.
Furthermore, the fuel cycle is its own source of demand. Waivers for Russian enriched uranium imports into the U.S. run out after 2027. And DOE awarded $2.7 billion in January to rebuild domestic enrichment.
Navigating Value Creation Across the Nuclear Supply Chain VettaFi: With reactors taking years to construct, why would investors want to invest in nuclear now instead of later? Rotolo: Because much of the value is created before a new reactor ever produces power. Utilities buy fuel years in advance, and contracting has lagged. In 2025, term contracting through mid-December was about 82 million pounds against a replacement rate of roughly 150 million, while Kazatomprom cut its 2026 production target and Cameco lowered McArthur River guidance. That deferred demand still has to be contracted.
The build cycle also pays suppliers early. DOE’s $17.5 billion in conditional loans is specifically for long lead equipment for up to 10 AP1000s, with construction targeted by 2030. Engineering firms, component makers, and fuel suppliers earn revenue well before a reactor produces first power.
The existing fleet is also a near-term story. It includes restarts like Crane, targeted for 2027, along with uprates and life extensions toward 80 years. That’s why NUKZ holds operating utilities and industrials with cash flow today alongside the longer-dated reactor developers. This year’s reset also means the long-term story can be bought at lower valuations than at the start of the year.
Key Catalysts Driving the 12-Month Nuclear Sector Outlook VettaFi: What catalysts or milestones should investors look for over the next 12 months to confirm the nuclear investment thesis is heading in the right direction? Rotolo: On new build, watch whether Westinghouse names its AP1000 partners and sites. It has letters of intent with seven potential partners, and we’d want to see the conditional loans move to financial close. On licensing, watch Dow’s Seadrift project.
For the operating fleet, watch Palisades returning to service and Crane staying on track for 2027. On advanced reactors, the test is whether the DOE pilot reactors move from criticality to real power, such as Aalo’s 10 MWe unit meant to power a data center by 2027, and whether the Army’s microreactor program hits its early milestones.
In the fuel market, we’d look for term contracting to move toward the replacement rate. The Russian waiver deadline should also push utilities to lock in non-Russian enrichment. We’ll be watching for any follow-through on the Section 232 critical minerals action, which impacts uranium. Finally, watch capital markets. Holtec kept its IPO registration and said it may return in three to six months, so a successful deal would signal that investors are once again willing to fund the build.
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.
If there were any doubt that AI data center owners/operators are serious about using nuclear power to shore up their energy supply, Alphabet and Amazon just erased it.
Last week, the e-commerce powerhouse made a 20-year commitment to purchase electricity from Constellation Energy's (CEG -4.85%) Calvert Cliffs Clean Energy Center in Maryland. Then, early this week, Google's parent company Alphabet made a separate-but-similar 20-year deal with Constellation to purchase nuclear-generated power from 11 different facilities in Illinois, Pennsylvania, and New Jersey.
Read between the lines: The tech industry knows that nuclear energy will feature prominently in its future mix of power sources, largely because it's proven, scalable, and ready to go right now.
Image source: Getty Images.
Constellation is obviously well-positioned to benefit from this tailwind, in that it already generates about 80% of the nation's nuclear power output. That doesn't necessarily make its stock the top bet for interested investors.
CEG shares have more than tripled in value over the past three years in anticipation of this swell of demand. The result is an unusually expensive utility stock with little dividend yield.
The best way of plugging into this trend, rather, is arguably Cameco (CCJ +0.79%), which supplies the low-enriched uranium-235 required by most modern nuclear power facilities. Although the sales and consumption cycle of uranium-235 is relatively slow, the World Nuclear Association believes the nuclear energy industry's total power output could triple between now and 2050, with the ramp-up unlikely to materialize in earnest until 2030 as several dozen new nuclear power plants currently under construction come online. Others will begin construction in the meantime.
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The kicker: Cameco owns 49% of Westinghouse, which supplies half of the world's nuclear energy industry with equipment and technology, including reactors.
Cameco shares jumped in response to the news of Alphabet's power purchase agreement with Constellation, by the way. Even so, the stock's still about 35% below analysts' consensus target price of $125.75. That's not a bad way to start a new trade.
James Brumley has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Amazon, Cameco, and Constellation Energy. The Motley Fool has a disclosure policy.
Cameco (CCJ - Free Report) closed at $89.07 in the latest trading session, marking a -4.25% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.22%. Elsewhere, the Dow lost 0.66%, while the tech-heavy Nasdaq lost 0.22%.
The uranium producer's stock has dropped by 8.78% in the past month, falling short of the Oils-Energy sector's gain of 2.42% and the S&P 500's gain of 1.4%.
The investment community will be paying close attention to the earnings performance of Cameco in its upcoming release. The company's earnings per share (EPS) are projected to be $0.23, reflecting a 360% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $494.94 million, showing a 10.91% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.07 per share and revenue of $2.44 billion, which would represent changes of +3.88% and -2.09%, respectively, from the prior year.
Any recent changes to analyst estimates for Cameco should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.17% lower. Cameco presently features a Zacks Rank of #5 (Strong Sell).
Investors should also note Cameco's current valuation metrics, including its Forward P/E ratio of 86.8. Its industry sports an average Forward P/E of 17.95, so one might conclude that Cameco is trading at a premium comparatively.
Investors should also note that CCJ has a PEG ratio of 1.89 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Alternative Energy - Other industry held an average PEG ratio of 2.05.
The Alternative Energy - Other industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 38% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Cameco (CCJ +0.50%) stock has fallen below $90, closing at $85.69 on Oct. 1. That's a significant retreat for a stock that has traded as high as $135.24 over the past year. But the underlying nuclear story hasn't changed nearly as much as Cameco's stock price, which makes it worth a closer look at these levels.
Uranium demand remains strong One thing you have to understand about Cameco is that it isn't simply a bet on uranium prices. Yes, it is one of the world's largest uranium producers, but it also operates nuclear fuel service businesses and owns 49% of Westinghouse, giving it exposure to everything from uranium mining to nuclear reactor servicing. That said, tight uranium supplies continue to give the company a strategic advantage.
Uranium-market consultancy UxC estimates that utilities have approximately 3.1 billion pounds of uncovered uranium requirements through 2045. Over the past five years, roughly 815 million pounds of uranium equivalent were consumed by reactors, while only about 589 million pounds were placed under long-term contracts. That gap could create plenty of opportunities for an established producer like Cameco.
Image source: Getty Images.
The company already has contracts covering average annual deliveries of more than 28 million pounds of uranium over the next five years. Earlier this year, Cameco also signed a nine-year agreement to supply India with nearly 22 million pounds of uranium, a contract valued at approximately $2.6 billion at the time of announcement.
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The numbers aren't perfect Cameco's latest results do help explain some of the recent weakness. Q2 adjusted EBITDA came in at roughly $279 million, while adjusted net earnings clocked in at around $55 million.
Both were lower than a year earlier, primarily due to lower earnings from Westinghouse, while lower planned uranium sales volumes also weighed on results.
There have also been operational headaches. Flooding in northern Saskatchewan disrupted Cameco's primary supply route to its McArthur River and Key Lake operations, while its Cigar Lake uranium mine temporarily suspended production for about two weeks following problems at Orano Group's McClean Lake mill. Cameco still maintained its 2026 uranium production guidance of 19.5 million to 21.5 million pounds attributable to the company. And the balance sheet remains solid. Cameco finished June with roughly $784 million in cash against $713 million in debt, plus another $713 million available through an undrawn revolving credit facility.
The biggest concern here is valuation. Even after falling below $90, Cameco stock isn't exactly cheap. You're still paying a premium for its exposure to rising nuclear demand, uranium supply constraints, and Westinghouse.
But Cameco also has something many nuclear stocks don't: large-scale uranium production and substantial existing revenue. It owns stakes in some of the world's highest-quality uranium assets, has long-term contracts in place, and maintains exposure to higher uranium prices as it signs new contracts. The company recently increased its ownership of Cigar Lake to 57.4%, too, further concentrating its portfolio around one of the world's most important uranium mines.
So the stock dropping below $90 doesn't eliminate the valuation risk. But if you believe nuclear power will continue expanding over the next decade, this pullback does provide a considerably cheaper entry point into one of the industry's most established companies.
Cameco (NYSE:CCJ – Get Free Report) and Devon Energy (NYSE:DVN – Get Free Report) are both large-cap energy companies, but which is the superior stock? We will compare the two businesses based on the strength of their earnings, analyst recommendations, institutional ownership, dividends, risk, valuation and profitability.
Analyst Ratings This is a summary of current recommendations for Cameco and Devon Energy, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Cameco 0 5 12 0 2.71 Devon Energy 0 5 23 2 2.90 Cameco currently has a consensus target price of $148.68, suggesting a potential upside of 74.59%. Devon Energy has a consensus target price of $60.11, suggesting a potential upside of 26.15%. Given Cameco’s higher possible upside, equities research analysts clearly believe Cameco is more favorable than Devon Energy.
Volatility and Risk Cameco has a beta of 1.17, suggesting that its stock price is 17% more volatile than the S&P 500. Comparatively, Devon Energy has a beta of 0.49, suggesting that its stock price is 51% less volatile than the S&P 500. Valuation and Earnings This table compares Cameco and Devon Energy”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Cameco $2.49 billion 14.88 $421.96 million $0.59 144.34 Devon Energy $17.19 billion 3.05 $2.64 billion $4.21 11.32 Devon Energy has higher revenue and earnings than Cameco. Devon Energy is trading at a lower price-to-earnings ratio than Cameco, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares Cameco and Devon Energy’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Cameco 10.20% 7.59% 5.23% Devon Energy 16.67% 14.93% 7.91% Institutional and Insider Ownership 70.2% of Cameco shares are owned by institutional investors. Comparatively, 69.7% of Devon Energy shares are owned by institutional investors. 1.0% of Cameco shares are owned by company insiders. Comparatively, 4.6% of Devon Energy shares are owned by company insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock will outperform the market over the long term.
Dividends Cameco pays an annual dividend of $0.17 per share and has a dividend yield of 0.2%. Devon Energy pays an annual dividend of $1.28 per share and has a dividend yield of 2.7%. Cameco pays out 28.8% of its earnings in the form of a dividend. Devon Energy pays out 30.4% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. Cameco has raised its dividend for 1 consecutive years and Devon Energy has raised its dividend for 1 consecutive years.
Summary Devon Energy beats Cameco on 11 of the 17 factors compared between the two stocks.
About Cameco (Get Free Report)
Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. This segment also produces CANDU reactor fuel bundles and other reactor components. The company offers nuclear fuel processing services. The Westinghouse segment engages in the manufacture of nuclear reactor technology original equipment. This segment provides products and services to commercial utilities and government agencies; and outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.
About Devon Energy (Get Free Report)
Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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Nuclear power is experiencing something of a renaissance, as massive demand for electricity is outstripping the world's ability to produce it. Clean energy just won't be enough; an all-of-the-above strategy is the most likely winner. And that means more nuclear power, which puts Cameco (CCJ -0.59%) in a prime position to benefit. But this is a long-term opportunity, not a short-term trade. Here's why Cameco trading around $85 per share could be the safest way to play the nuclear comeback.
Wall Street is fickle, and Cameco got caught up in a mood swing Over the past year, Cameco's stock has been as high as $134 and as low as, well, roughly $85. In fact, the stock has basically taken a round trip, rising from around its current levels 12 months ago and then returning. What happened in between was that investors got super excited about nuclear power before moving on to other investment ideas. That's how Wall Street works sometimes, with investors hopping from big idea to big idea.
Image source: Getty Images.
However, nuclear power's rebirth is very real. Electricity demand is expected to rise dramatically in the years ahead. To put a number on that, in the U.S. market, electricity demand increased by 10% between 2005 and 2025, but is projected to grow by 60% between 2025 and 2045. That's a step change in demand, driven by power-hungry technologies like artificial intelligence and electric vehicles, among other things. Nuclear power is likely to be a big beneficiary, given that it doesn't produce greenhouse gases and is always available, unlike solar and wind.
There are currently 417 operating reactors worldwide, with another 77 under construction. Cameco estimates the demand for uranium will outstrip supply in the early 2030s. That's important because Cameco mines uranium and produces nuclear fuel. More reactors mean more customers for Cameco to sell to. And since uranium is a commodity, demand outstripping supply will likely mean higher commodity prices.
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Cameco wins in other ways, too So Cameco's uranium operation is a picks-and-shovels play on nuclear power. But Cameco also own half of Westinghouse, one of the world's largest service providers to the nuclear power industry. That business provides more reliable cash flows, helping to balance the more volatile uranium operation. And, once again, more reactors means more customers. Unless the world decides en masse to abandon nuclear power, Cameco looks well-positioned to benefit from the nuclear comeback.
If you are looking at money-losing nuclear power start-ups like Oklo (OKLO -0.75%) or NuScale Power (SMR -0.51%), you may want to step back and do a deep dive into industry supplier and service provider Cameco. It will likely be a much safer option.
If you had bought $10,000 worth of Cameco (CCJ -0.59%) 10 years ago and reinvested its dividends, you would have $107,627.06 today. That's an amazing 26% annual return rate that aligns with high-growth tech stocks over the same period.
Cameco, however, is not a tech stock but a uranium miner that also provides uranium production and refining services.
The stock, despite its decade-long rise, is down more than 5% this year. Still, the next five years could see another surge in the stock. Here's why.
Image source: Getty Images.
The high demand for uranium Analysts see the company's revenue and earnings per share rising at a mid- to high-double-digit compound annual growth rate (CAGR) over the next five years as the company's long-term contracts convert higher market prices into cash flow.
The average price target for the stock is $126.88, compared to its current price of around $86.67.
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Cameco has locked in commitments requiring average deliveries of more than 28 million pounds of yellowcake uranium per year. That number is expected to rise as more data centers use nuclear power to deliver consistent, continuous power.
The Canadian company is the largest uranium miner in North America and has two high-grade uranium deposits in Saskatchewan, Canada: McArthur River/Key Lake and Cigar Lake. These deposits have relatively low production costs, thanks to innovative, low-labor-intensive methods such as jet boring and raise boring.
Westinghouse's IPO will help Cameco When Westinghouse Electric Company completes an initial public offering (IPO), possibly as early as October, the market valuation and transaction structure will unlock significant strategic, financial, and balance sheet benefits for Cameco. It owns 49% of Westinghouse, alongside Brookfield Renewable Partners, which has a 51% stake in Westinghouse.
Bloomberg News estimated that Westinghouse's IPO could be worth more than $50 million, which some are saying could be worth CA$24 billion to Cameco, which is a great return for its original $2.1 billion investment in 2023.
It will be hard to repeat the past five years' performance There are a lot of tailwinds for the company's revenue. Despite that, it will be difficult for the company to repeat its performance of the past 10 years.
However, if the company can achieve mid-to-high double-digit returns, including reinvested dividends, $10,000 invested in the stock today could easily be worth $17,000 to $22,000 in five years.
Key Takeaways Cameco could benefit from plans for up to eight U.S. reactors, including six Westinghouse AP1000 units.The APR1400 plan could generate about $2 billion of Westinghouse value per reactor through various services.DOE financing could support up to 10 AP1000 reactors and may accelerate construction timelines by three years. Cameco Corporation (CCJ - Free Report) could see increased opportunities through its stake in Westinghouse following a new framework between the United States and South Korea aimed at expanding nuclear power capacity in the United States. The framework anticipates up to $120 billion of investment by South Korea to support the construction of as many as eight large nuclear reactors in the United States.
This includes six Westinghouse AP1000 reactors and up to two Korean APR1400 reactors based on Westinghouse technology. The framework is non-binding and remains subject to definitive agreements, site identification and planning, regulatory approvals, financing arrangements and other customary conditions.
The development is significant to Cameco because of its 49% ownership interest in Westinghouse Electric Company, with Brookfield Asset Management (BAM - Free Report) owning the remaining 51%. Westinghouse Electric Company is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to commercial nuclear power utilities and government agencies globally.
In November 2023, Cameco acquired a stake in Westinghouse through a strategic partnership with Brookfield Asset Management and its listed affiliate Brookfield Renewable Partners (BEP - Free Report) . It created a strategic platform combining Cameco's nuclear fuel expertise with Brookfield's experience in clean-energy and power-generation investments. With this move, Cameco positioned itself to benefit from both uranium demand growth and reactor construction activity. The company also owns a 49% interest in Global Laser Enrichment, providing additional exposure to uranium enrichment.
The latest framework builds on the strategic partnership announced in October 2025 between Cameco, Brookfield and the U.S. Department of Commerce to accelerate the deployment of Westinghouse nuclear technology in the United States. The framework contemplates a waiver under the 2025 settlement agreement reached by Westinghouse in its intellectual property dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd.
The one-time waiver would permit the construction of up to two APR1400 reactors in the United States, generating enhanced value for Westinghouse. The associated compensation package is expected to recognize the use of Westinghouse intellectual property and technology, providing approximately $2 billion of value per APR1400 reactor through a combination of intellectual property licensing, engineering and procurement services, subcontracting opportunities and the long-term supply of fuel fabrication services.
The company noted that the current framework is separate from the U.S. Department of Energy's (DOE) American Nuclear Supply Chain Loans conditional commitment announced in June 2026. Under that program, the DOE conditionally committed up to $17.5 billion to support the procurement of long-lead items for as many as 10 AP1000 reactors in the United States. Cameco expects the financing could accelerate AP1000 construction timelines by as much as three years.
These developments underscore the potential for government-backed financing and international cooperation to support a larger U.S. nuclear buildout, although both initiatives remain subject to significant execution and regulatory conditions. The broader nuclear expansion is being driven by rising demand for reliable electricity, including from data centers and Artificial Intelligence infrastructure. Against this backdrop, Constellation Energy Corporation (CEG - Free Report) , with its sizable U.S. nuclear generation portfolio, is well-positioned within the broader expansion of the U.S. nuclear ecosystem.
Cameco (CCJ - Free Report) closed at $85.69 in the latest trading session, marking a -1.13% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.2%. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq increased by 0.04%.
Heading into today, shares of the uranium producer had lost 10.08% over the past month, lagging the Oils-Energy sector's loss of 2.32% and the S&P 500's loss of 0.35%.
The investment community will be paying close attention to the earnings performance of Cameco in its upcoming release. The company is predicted to post an EPS of $0.26, indicating a 420% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $494.94 million, indicating a 10.91% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.15 per share and a revenue of $2.44 billion, signifying shifts of +11.65% and -2.09%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Cameco. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.89% lower. Cameco presently features a Zacks Rank of #4 (Sell).
In the context of valuation, Cameco is at present trading with a Forward P/E ratio of 75.26. Its industry sports an average Forward P/E of 16.98, so one might conclude that Cameco is trading at a premium comparatively.
It is also worth noting that CCJ currently has a PEG ratio of 1.64. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Alternative Energy - Other industry was having an average PEG ratio of 2.19.
The Alternative Energy - Other industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 111, this industry ranks in the top 46% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Chevron (CVX -0.08%) stock has been outstanding this year and is currently trading near all-time highs. The stock is up more than 36% year to date. The concern is that most of the good news may already be baked into Chevron's price.
For investors searching for energy exposure with more room to grow, you may want to consider Cameco (CCJ -0.24%) instead.
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Cameco is one of the world's biggest uranium producers. While the second-quarter earnings were a mixed bag, the company maintained its 2026 production guidance and has a near-term growth catalyst in a co-owned reactor maker, Westinghouse.
Westinghouse may IPO soon with a valuation of more than $50 billion. This would put Cameco's 49% stake at $24.5 billion.
Image source: Getty Images.
Demand for uranium is rising due to increased electricity demand from artificial intelligence (AI)-related services. This should continue through at least the next few years as data centers are constructed and come online.
Chevron is near all-time highs, and the stock has become more expensive. Cameco, on the other hand, has decreased more than 4% this year and is well off its 52-week high. Analysts have an average price target of $127, indicating Cameco has significant upside potential. The company also pays a small dividend, but it hasn't missed a payment since it debuted in the public markets in 1991.
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There's plenty of volatility and execution risk in uranium prices and the Westinghouse IPO. Still, if all goes well, Cameco investors could see significant growth in the medium to long term, largely because of the power needs of artificial intelligence.
I'm especially bullish because Westinghouse's technology powers 57% of the world's nuclear reactors, and it maintains nearly 66% of the world's nuclear fleet. Cameco and its shareholders should benefit tremendously from this investment.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco and Chevron. The Motley Fool has a disclosure policy.
Cameco (CCJ -0.24%), a Canada-based company, mined about 15% of the world's uranium in 2025. That makes it the second-largest uranium miner after Kazakhstan's Kazatomprom. It's also a bellwether and linchpin of the nuclear energy market.
Cameco, like its industry peers, struggled for about a decade after the 2011 Fukushima disaster prompted many countries to throttle or halt their nuclear projects. But over the past few years, the nuclear energy industry recovered -- thanks to new decarbonization initiatives, safer nuclear technologies, and the growth of the power-hungry cloud infrastructure and AI markets.
Image source: Getty Images.
The spot price of uranium sank from a record high of $136 per pound in June 2007 to just $18 per pound in Nov. 2016. But by the end of this August, it had risen back to $89.68 per pound. Cameco's stock also reached a record high of $134.09 per share on Jan. 28, 2026. Today, Cameco's stock trades at about $87. Let's see why it retreated from its record highs, and if that pullback represents a good long-term play on the resurgent nuclear energy market.
What does Cameco do? Cameco operates uranium mines and mills in Canada, the U.S., and Kazakhstan. Instead of selling its uranium on the open market at its current spot prices (which would expose it to more volatility), Cameco locks most of its clients into long-term, partly fixed-price contracts.
Most of those contracts were signed when uranium prices were lower. Therefore, Cameco doesn't benefit as much from rising uranium prices as its spot-price competitors do. But when uranium prices decline, the price floors from those contracts limit its losses.
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To further reduce its exposure to the volatile uranium mining market, Cameco doubled its stake in Global Laser Enrichment (GLE) -- its uranium enrichment joint venture with Silex (SILXY -2.38%) -- from 24% to 49% in 2021. By integrating GLE's laser-based uranium enrichment capabilities into its core mining business, Cameco could gradually become a "one-stop shop" for mining, converting, and selling enriched uranium.
In 2023, Cameco partnered with Brookfield Asset Management (BAM -0.87%) to acquire Westinghouse Electric, one of the world's leading nuclear technology companies. That 49% stake makes it a more diversified play on building and powering nuclear power plants.
Why did Cameco's stock pull back from its record highs? Cameco is hedged against uranium's wild price swings. But after hitting the mid-$90s in January, uranium's spot price pulled back, dragging down the entire sector. At the same time, the expenses from its Westinghouse acquisition throttled its near-term earnings growth.
When it hit its all-time high, Cameco traded at 118 times this year's earnings. Those high valuations set it up for a steep pullback as fears of interest rate hikes (and the Fed's recent rate hikes) compressed its valuations and drove investors toward safer investments.
Is it the right time to buy Cameco's stock? Today, Cameco's stock still isn't cheap at 76 times this year's earnings. But from 2025 to 2028, analysts expect its EPS to grow at a 41% CAGR. Based on that rosy outlook, Cameco's stock looks a bit more reasonably valued (but still pricey) at 33 times its 2028 sales.
Cameco could struggle to maintain that higher valuation for a simple reason. The global nuclear energy market should keep expanding, but S&P Global only expects uranium's spot price to rise slightly to $98.70 per pound by the end of 2033.
That's because uranium's price will likely stabilize -- instead of skyrocketing as it did over the past decade -- as Cameco and its fellow miners restart their mines and produce more uranium. Cameco can lock its customers into higher rates by rolling them onto new contracts, but its upside potential could remain limited as long as uranium prices hold steady. Cameco might still be worth nibbling on, but I wouldn't accumulate a bigger position unless it gets cut in half.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Let's take a look at what these Wall Street heavyweights have to say about Cameco (CCJ - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Cameco currently has an average brokerage recommendation (ABR) of 1.37, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms. An ABR of 1.37 approximates between Strong Buy and Buy.
Of the 19 recommendations that derive the current ABR, 14 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 73.7% and 15.8% of all recommendations.
Brokerage Recommendation Trends for CCJ
Check price target & stock forecast for Cameco here>>>
The ABR suggests buying Cameco, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is CCJ a Good Investment?Looking at the earnings estimate revisions for Cameco, the Zacks Consensus Estimate for the current year has declined 3.9% over the past month to $1.15.
Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Cameco. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, it could be wise to take the Buy-equivalent ABR for Cameco with a grain of salt.
NextEra Energy (NEE +0.61%) recently agreed to buy Dominion Energy (D +0.46%), at least partly to gain access to fast-growing data center demand. The deal will also give the combined company material scale in the U.S. nuclear power sector. NextEra is leaning into what it sees as key long-term trends, with demand for electricity in the United States expected to increase by 60% between 2025 and 2045.
If you are an investor, nuclear power presents a huge opportunity. But all opportunities come with risk, as highlighted by the pullback in the nuclear power sector in 2026. Here are two green flags to consider and two red flags to contemplate before you jump into the nuclear power sector.
Image source: Getty Images.
Electricity demand is the primary reason for favoring nuclear power stocks as investments. As noted above, electricity demand in the United States is expected to rise 60% between 2025 and 2045. The key to understanding that figure, however, is that demand rose by only 10% in the previous 20-year period. This is a step change in demand, and renewable energy sources like solar and wind simply won't be able to meet it all because they are intermittent. Nuclear is always on baseload power.
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A significant portion of the expected demand is coming from new technologies, such as electric cars and artificial intelligence. There are early signs of demand for nuclear power, as companies like Constellation Energy (CEG +0.63%) ink deals with AI companies to reopen shuttered nuclear power plants or keep ones slated for closure open. That said, there are currently 438 operable reactors in the world, with 417 actually operating, according to nuclear fuel supplier Cameco (CCJ -0.06%).
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So there are only a limited number of opportunities for growth within the existing nuclear power fleet. The big opportunity, and the second green flag, is new construction. There are currently 77 reactors under construction, most of which are in Asia. But companies like Oklo (OKLO -0.65%) and NuScale Power (SMR -0.59%) are looking to push nuclear technology to new levels, with small modular nuclear reactors (SMRs). And government support for SMRs and nuclear power, more broadly, could help initiate a new building boom.
2 red flags As with any new technology, however, investors need to watch the cash. For example, Oklo and NuScale are both money-losing start-ups. The idea of SMRs is exciting, but much more work remains before they become a significant factor in the industry. And while these two stocks rose dramatically on news that the U.S. government was providing funding to nuclear start-ups, they each fell back to earth when it became clear that neither company was on the verge of profitability.
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That's really two red flags in one example, since new technology and funding are both issues that need monitoring. However, funding isn't just an issue for start-ups. Building a large-scale nuclear power plant is an expensive endeavor (it is also time-consuming and difficult, but put that aside for now). So money is a very big problem for any company that wants to build out its nuclear power fleet. This is part of the reason why NextEra is buying Dominion. The combined company will not only be number two in U.S. nuclear but also the largest publicly traded utility in the United States and the world. That is likely to provide it with advantaged access to capital markets.
That said, investors are always making trade-offs between risk and reward. And something that investors need to watch carefully, making it red flag number two, is valuations. Money-losing start-ups are notoriously difficult to value, but Constellation Energy, even after a sell-off, has a price-to-earnings ratio of 25x. The average utility's P/E is roughly 19x. Nuclear fuel supplier Cameco has a P/E of 157x, but it operates a commodity-driven business, which can lead to outlandish valuation figures at times. NextEra's P/E, notably, is roughly 17x, making it look relatively cheap, but it is far from a pure-play in the nuclear power space.
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Even a good business can be a bad investment if you pay too much for it. And mercurial investors have proven that moods can swing quickly in the nuclear power sector. You need to tread with caution and make sure you are comfortable with what you are paying to own a nuclear power stock.
Huge opportunities and huge risks Nuclear power has a lot going for it, but there are always risks that you have to consider when buying a stock. Right now, growing electricity demand and nuclear power plant construction are two green flags to watch. But red flags like funding for hugely expensive reactors and new technology development, as well as sector valuations, need to be watched as well, as they may temper your enthusiasm for a particular stock.
Cameco (CCJ - Free Report) ended the recent trading session at $88.12, demonstrating a -2.95% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.03%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq gained 0.01%.
Prior to today's trading, shares of the uranium producer had lost 15.43% lagged the Oils-Energy sector's loss of 0.34% and the S&P 500's gain of 0.53%.
The investment community will be paying close attention to the earnings performance of Cameco in its upcoming release. In that report, analysts expect Cameco to post earnings of $0.26 per share. This would mark year-over-year growth of 420%. Our most recent consensus estimate is calling for quarterly revenue of $494.94 million, up 10.91% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.2 per share and a revenue of $0 million, demonstrating changes of +16.5% and 0%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Cameco. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Cameco boasts a Zacks Rank of #3 (Hold).
Investors should also note Cameco's current valuation metrics, including its Forward P/E ratio of 75.77. Its industry sports an average Forward P/E of 17.44, so one might conclude that Cameco is trading at a premium comparatively.
Meanwhile, CCJ's PEG ratio is currently 1.65. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Alternative Energy - Other stocks are, on average, holding a PEG ratio of 2.21 based on yesterday's closing prices.
The Alternative Energy - Other industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 105, placing it within the top 43% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Andra AP fonden reduced its position in Cameco Corporation (NYSE: CCJ) (TSE: CCO) by 45.0% during the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,087 shares of the basic materials company's stock after selling 22,200 shares during the period. Andra
Nuclear services giant Westinghouse Electric is reportedly seeking a valuation of more than $50 billion for its upcoming initial public offering, according to a Bloomberg report. That IPO could come as early as October. That proposed valuation would be a boon for Cameco (CCJ +0.61%), which owns a 49% interest in Westinghouse. It implies Cameco's stake is worth over $24.5 billion. Cameco's co-owners, which include Brookfield Renewable (BEPC +0.25%)(BEP +0.10%), would also see a significant uplift in value if Westinghouse prices its IPO at or above the desired valuation.
Here's a look at what this valuation would mean for the nuclear energy company's owners.
Image source: Getty Images.
A valuable partnershipCameco and Brookfield Renewable formed a strategic partnership to acquire Westinghouse Electric from Brookfield Business in Oct. 2022. That Brookfield entity bought it out of bankruptcy in 2018 and turned it around. The Cameco-Brookfield partnership closed in late 2023, with Cameco taking a 49% stake while Brookfield and its partners acquired the other 51% interest in a deal valuing Westinghouse at $8.2 billion (including $3.8 billion of debt). Brookfield Renewable acquired an interest through its investment in the Brookfield Global Transition Fund, while its institutional partners own the remaining interest.
The deal brought together Cameco's expertise in the nuclear industry with Brookfield's know-how in the clean energy sector. They believed that by joining together, they could create a powerful platform to pursue strategic growth across the nuclear energy industry. Cameco believed its investment fit perfectly within its strategy as it would enhance its ability to meet the growing needs of its existing customers by complementing its uranium and fuel services businesses with Westinghouse's operating plant services capabilities.
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Cameco paid $2.1 billion for its 49% equity stake, while assuming its proportionate share of Westinghouse's debt. At a $50 billion valuation, Cameco's investment is now worth $24.5 billion, including debt. To put that into perspective, Cameco's current market capitalization is around $40 billion. Meanwhile, the current carrying value of its equity investments is only $2.9 billion, implying that its Cameco investment is significantly underappreciated. The IPO would unlock substantial value for Cameco shareholders.
Brookfield Renewable also holds a meaningful stake in Westinghouse. It initially invested $442 million for a 10.1% interest in the business when the Cameco partnership closed in late 2023. Brookfield subsequently invested another $38 million into Westinghouse in late 2024, increasing its stake to 10.8%. At a $50 billion valuation, Brookfield's interest would be worth $5.4 billion.
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However, there is a bit of a wrinkle that could dilute these values. Last year, Cameco and Brookfield formed a transformational partnership with the U.S. government, which will arrange financing and facilitate the permitting and approvals for at least $80 billion of Westinghouse-built reactors in the U.S. As part of that arrangement, the U.S. Government secured a participation interest entitling it to 20% of any cash distributions that Westinghouse makes to its investors in excess of $17.5 billion. If this participation interest vests, which requires that it finalizes its investment decision and signs definitive construction agreements, and if Westinghouse goes public at a valuation of $30 billion or more by January 2029, the cash flow right instead converts into a warrant. It would have the option to purchase equity equal to 20% of the value above $17.5 billion. So, at a $50 billion valuation, the claim works out to roughly $6.5 billion, meaning Cameco and its co-investors would share a slightly lower value.
Is Westinghouse really worth $50 billion?Westinghouse is a key beneficiary of the global nuclear power resurgence. Electrification, digitalization, and AI data centers are driving a surge in power demand. That's leading companies and governments to turn to nuclear to help meet their rising power needs.
The company's deal with the U.S. Government is one example. The U.S. Department of Energy has since conditionally committed to providing $17.5 billion in loan facilities to finance the long-lead equipment needed to build up to 10 Westinghouse AP1000 reactors in the U.S. The government wants to have 10 reactors under construction by 2030. Cameco and Brookfield are pricing the IPO based on the expected future value to be generated as Westinghouse builds reactors for the U.S. government and other customers.
However, that valuation might be more difficult to achieve, given the current market conditions. There has been a wave of nuclear stock IPOs this year. X-Energy and Standard Nuclear completed IPOs in April and July, respectively. They haven't fared well since making their debut. X-Energy stock is down more than 55% from its IPO high, while Standard Nuclear has tumbled 22% from its peak. Meanwhile, once red-hot nuclear energy stocks like Oklo and NuScale have cooled off considerably, tumbling around 80% from their 52-week highs. This nuclear stock slump has already caused Holtec Nuclear to cancel its planned IPO.
An interesting catalyst to watchWestinghouse Electric's IPO could unlock significant value for Cameco and, to a lesser extent, Brookfield Renewable. That makes it an interesting catalyst to watch as it potentially moves forward with an October IPO. However, there's no guarantee it will complete its IPO (see Holtec) or price at even close to its desired valuation, which is why investors shouldn't bet on Cameco solely on the Westinghouse IPO catalyst.
With $1,000 to invest, these two nuclear stocks look like straightforward buys today, with each company offering a different yet compelling way to capitalize on growing energy demand. Oklo (OKLO -4.16%) is betting on advanced reactors for data center customers, while Cameco (CCJ -1.27%) already operates in uranium production and fuel services, and its 49% stake in Westinghouse adds exposure to nuclear technology.
Image source: Getty Images.
Both opportunities come from rising electricity demand, but the risks will depend heavily on where each company sits in the nuclear value chain. So let's see where each company stands and why investors might consider them for their next round of stock picks.
Why nuclear power has a long growth runway ahead Global electricity demand is expected to grow at an average annual rate of 3.6% from 2026 through 2030, while U.S. demand is projected to rise by nearly 2% a year, with data centers driving about half of that increase.
Nuclear stands to benefit, and the opportunity reaches beyond uranium mining to reactor developers, fuel suppliers, and nuclear service companies.
Cameco provides exposure across several parts of that value chain. Its uranium operations supply fuel, its fuel services business processes nuclear materials, and its stake in Westinghouse adds exposure to reactor technology and services.
Oklo targets a different part of the market, as it's trying to build the next generation of advanced nuclear reactors.
Oklo brings more upside, while Cameco brings existing scale The Department of Energy has approved a preliminary documented safety analysis for Oklo's Aurora powerhouse. But as it moves closer to commercial deployment, its power business remains far less proven. That said, Oklo's planned 1.2-gigawatt campus in Ohio is set to support Meta Platforms, which could become a major source of demand.
And that's not all. Oklo has also reached first criticality at its Groves reactor, another step toward deployment.
But right now, Oklo's revenue is still in its embryonic stage. In its second quarter, revenue came in at $1.21 million, while operating expenses totaled $74 million. That makes licensing, construction costs, fuel supply, and potential shareholder dilution some real risks that potential investors must consider.
On the other hand, Cameco starts from a stronger operating base. It has contracts covering average uranium deliveries of more than 28 million pounds annually from 2026 through 2030. The result was that its uranium segment generated 676 million Canadian dollars ($483 million USD) in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of 2026.
Further, its 49% stake in Westinghouse provides investors with exposure to nuclear fuel, services, and new reactor opportunities. Reactor servicing and fuel contracts tend to generate recurring revenue over decades, which smooths out the swings in uranium prices that have historically driven Cameco's results.
Which nuclear stock is the better buy right now? So which of these two nuclear stocks makes the most sense for a $1,000 investment today?
At the time of publication, 22 analysts covering Oklo rate it a consensus "moderate buy," with target prices suggesting up to 230% upside over the next 12 months.
Meanwhile, 19 analysts covering Cameco rate it a consensus "strong buy," though its target prices suggest the stock could rise as much as 55% over the same period.
Both Cameco and Oklo offer investors two ways to own the same theme. Deciding to invest $1,000 in either of these two nuclear stocks will ultimately come down to your risk tolerance. Cameco gives investors clearer visibility into the future and steadier compounding, with strong backing on Wall Street.
Oklo is the higher-risk, higher-reward option. But that comes at the cost of far less certainty.
Cameco (CCJ - Free Report) closed the most recent trading day at $91.62, moving -1.27% from the previous trading session. This change lagged the S&P 500's 0.17% gain on the day. On the other hand, the Dow registered a loss of 0.18%, and the technology-centric Nasdaq increased by 0.4%.
The stock of uranium producer has fallen by 2.92% in the past month, lagging the Oils-Energy sector's gain of 1.36% and the S&P 500's loss of 1.29%.
Investors will be eagerly watching for the performance of Cameco in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.26, reflecting a 420% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $494.94 million, indicating a 10.91% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.27 per share and revenue of $0 million, which would represent changes of +23.3% and 0%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Cameco. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Cameco currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cameco is presently being traded at a Forward P/E ratio of 72.96. For comparison, its industry has an average Forward P/E of 17.89, which means Cameco is trading at a premium to the group.
It is also worth noting that CCJ currently has a PEG ratio of 1.59. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Alternative Energy - Other industry currently had an average PEG ratio of 2.22 as of yesterday's close.
The Alternative Energy - Other industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 149, this industry ranks in the bottom 40% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
In November 2023, Cameco (CCJ -1.27%) and Brookfield Renewable Partners (BEPC +0.23%) made a bold $8.2 billion bet on nuclear by acquiring Westinghouse Electric. The deal gave Cameco a 49% stake in one of the world's biggest nuclear equipment and servicing businesses.
On July 31, Westinghouse confidentially filed paperwork with the Securities and Exchange Commission (SEC) to go public. An IPO will give Westinghouse a stand-alone public valuation while providing more visibility into its finances and project pipeline.
Countries are moving forward with new nuclear facilities, and Westinghouse's AP1000 reactors could be central to many of those projects. Westinghouse's IPO could give Cameco investors an early boost, but I believe the real growth story will emerge by 2028. Here's why.
Image source: Getty Images.
Westinghouse will be essential in rebuilding U.S. nuclear energy On June 23, the Department of Energy issued a conditional $17.5 billion loan commitment to Westinghouse to help finance the purchase of long-lead items as the U.S. rebuilds its nuclear capabilities. This loan is part of the October 2025 $80 billion deal between the U.S. government and Westinghouse to build large-scale nuclear reactors. Only two AP1000 reactors are operating in the U.S. right now, and this agreement aims to build 10 reactors, with construction set to begin in 2030.
Right now, Westinghouse is working on front-end engineering design (FEED), licensing updates for the Nuclear Regulatory Commission, and ordering long-lead equipment. While it'll see a bump in revenue, it'll also spend a lot of capital in the early pre-construction phase.
Why Westinghouse's earnings will grow in the coming years Outside the U.S., Westinghouse has several projects in European countries, including Poland, Bulgaria, and the Czech Republic. Initial purchase orders begin three to four years before the first nuclear concrete, and Westinghouse recognizes roughly 50% of its project scope in the first five years.
Under percentage-of-completion accounting, Westinghouse bills for proprietary components, digital instrumentation and control (I&C) systems, and engineering integration as site work advances, while third-party EPC partners handle the civil construction and structural module installation.
Westinghouse is already realizing billing revenue, but by 2028, it could see project billings trend even higher. By then, anchor projects like Poland's Lubiatowo-Kopalino will begin construction authorization and the long-lead delivery phase. In addition, its framework with the U.S. government is designed to unlock long-lead items, like reactor pressure vessels or steam generators, which will drive higher-dollar invoices.
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Cameco's stake in Westinghouse gives it long-term upside from the nuclear build-out Westinghouse's earnings boost won't immediately translate into equivalent earnings or liquid cash flow for Cameco. On the income statement, large non-cash Purchase Price Allocation (PPA) amortization charges frequently offset operating gains, while at the cash level, Westinghouse's debt servicing and capital reinvestment prioritize liquidity over dividend distributions.
These headwinds to Cameco's earnings should diminish as heavy front-loaded PPA charges roll off, while an IPO offers a catalyst to recapitalize Westinghouse's $3.8 billion debt burden.
Cameco investors will want to watch Westinghouse's IPO closely, as it will provide a public valuation allow Cameco to monetize part of that stake in the nuclear technology company. That said, Cameco still plans to maintain a significant long-term stake in the nuclear builder, which should boost its earnings over the next several years as the nuclear build-out gets underway.
In the latest close session, Cameco (CCJ - Free Report) was up +2.09% at $92.80. The stock's performance was ahead of the S&P 500's daily gain of 1.14%. At the same time, the Dow added 0.61%, and the tech-heavy Nasdaq gained 1.69%.
The stock of uranium producer has fallen by 7.23% in the past month, lagging the Oils-Energy sector's gain of 1.41% and the S&P 500's loss of 2.85%.
The investment community will be paying close attention to the earnings performance of Cameco in its upcoming release. In that report, analysts expect Cameco to post earnings of $0.26 per share. This would mark year-over-year growth of 420%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $494.94 million, up 10.91% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.27 per share and revenue of $0 million, which would represent changes of +23.3% and 0%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Cameco. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Cameco is holding a Zacks Rank of #4 (Sell) right now.
In the context of valuation, Cameco is at present trading with a Forward P/E ratio of 71.71. This valuation marks a premium compared to its industry average Forward P/E of 17.92.
It's also important to note that CCJ currently trades at a PEG ratio of 1.56. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Alternative Energy - Other stocks are, on average, holding a PEG ratio of 2.16 based on yesterday's closing prices.
The Alternative Energy - Other industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 100, positioning it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
The nuclear revival may have a math problem. The Trump administration is targeting a quadrupling of U.S. nuclear capacity to 400 gigawatts by 2050. Christo Liebenberg, co-founder and president of U.S.-based uranium enrichment company LIS Technologies, argues the fuel infrastructure supporting that growth could need to expand roughly 10X.
Nuclear Demand Could 4XThe scale of the nuclear push is already becoming difficult to ignore. The U.S. Department of Energy has launched a conditional loan commitment to accelerate deployment of 10 AP1000 reactors, with the administration targeting 10 new large reactors under construction by 2030.
But reactors are only one piece of the nuclear equation. Liebenberg says investors are underestimating what happens further upstream if nuclear generation actually triples or quadruples.
"What investors don’t fully realize is that in order to triple or quadruple nuclear power by 2050, the nuclear fuel supply chain has to step up its game by roughly 10X," he told Benzinga in an exclusive email Q&A.
That supply chain stretches from uranium mining to conversion, enrichment and fuel fabrication. And several of those links have spent years operating with limited domestic capacity.
Uranium Isn’t Reactor FuelLiebenberg’s core argument is that investors can mistake uranium availability for fuel availability. "Having uranium in the ground doesn’t mean you have reactor fuel," he said.
The U.S. remains heavily dependent on foreign enrichment. EIA data shows that 77% of the separative work units U.S. reactor operators purchased in 2025 came from foreign-origin suppliers, including 26% from Russia.
The gap is becoming an increasingly visible investment theme. The DOE has committed $2.7 billion toward rebuilding domestic enrichment capacity, while a recent GAO report said estimated HALEU supply may not meet near-term demand from advanced reactors.
For investors, that could shift the nuclear conversation beyond uranium miners toward the infrastructure needed to turn uranium into usable fuel.
Read Next
AI Adds Another CatalystAI could make the mismatch even more important. Liebenberg says hyperscalers are increasingly signing power purchase agreements with reactor companies, but far fewer are signing fuel purchase agreements with the nuclear supply chain.
That distinction matters as data centers seek long-duration power. Google’s recent agreement to procure up to 50% of the output from Finland’s Loviisa nuclear plant for 22 years shows how aggressively Big Tech is beginning to secure nuclear electricity.
Liebenberg says investors should therefore watch long-term utility contracting, rather than simply the next move in spot uranium prices. "That’s a much better signal to me than watching the uranium price move from one week to the next," he said.
The potential buildout could benefit not only uranium producers such as Cameco Corp (NYSE:CCJ) and Uranium Energy Corp. (AMEX:UEC), but also companies positioned further down the fuel cycle.
If the nuclear buildout approaches the targeted scale, the next bottleneck may not be finding uranium. It could be building enough infrastructure to turn it into fuel.
As global demand for reliable power and advanced manufacturing materials surges, investors are evaluating different paths to profit. Is the market leader Cameco Corp (CCJ -2.20%) or the newcomer USA Rare Earth Inc (USAR -1.97%) the better pick?
Cameco provides the uranium that fuels nuclear reactors globally, operating as a mature and profitable energy player. In contrast, USA Rare Earth is attempting to build a domestic supply chain for critical magnets and rare earth metals. While they serve different industries, both stocks appeal to those betting on the future of high-tech infrastructure.
The case for CamecoAs a leader among nuclear energy stocks, Cameco produces uranium and fuel services for utilities around the globe. The company serves nuclear utilities in 16 countries, selling products through a mix of long-term contracts and the spot market. This global footprint allows it to capitalize on the increasing interest in carbon-free baseload power.
In FY 2025, revenue reached approximately $2.5 billion, representing about an 11% increase from the prior year. The company reported net income of nearly $425 million during this period, achieving a net margin of about 17%. This reflects a significant upward trend in profitability compared to the 5.5% net margin reported in FY 2024.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.1x, which compares total debt to the equity held by shareholders. The so-called current ratio, which measures the ability to cover debts due within one year using current assets, was 2.5x. Furthermore, Cameco generated free cash flow of approximately $775 million, which is the cash remaining after paying for operations and capital equipment.
The case for USA Rare EarthUSA Rare Earth is focused on creating an integrated rare earth value chain that spans from mining to magnet manufacturing. The company serves critical sectors including aerospace, defense, and semiconductors through its Less Common Metals subsidiary. A key commercial partnership with Solvay (SVYSF -3.48%) aims to supply metals to specialized manufacturers like Arnold Magnetic Technologies.
In FY 2025, the company generated revenue of approximately $1.6 million as it began its early stages of commercial operations. However, it reported a net loss of nearly $298 million, resulting in a massive negative net margin. These figures reflect the high costs associated with scaling its facilities and achieving technical milestones in its development projects.
As of its December 2025 balance sheet, the company maintained a neat debt-to-equity ratio of 0.0x and a current ratio of 10.2x. While the balance sheet appears liquid, USA Rare Earth reported negative free cash flow of approximately $86.3 million. This means the company is currently spending more on its operations and infrastructure than it is generating in cash.
Risk profile comparisonCameco faces risks primarily related to the cyclical nature of uranium prices and the heavy regulation of the nuclear industry. Changes in government policy or public sentiment toward nuclear power can impact long-term demand for its fuel products. Additionally, the company competes for market share with other large producers such as Energy Fuels Inc (UUUU -3.89%).
USA Rare Earth carries significant execution risk as it scales the Stillwater Facility and the Round Top Project. The company is currently defending a lawsuit from MP Materials Corp (MP -2.98%) alleging misappropriation of technology, which could impact its financial standing. Furthermore, the business depends on securing large-scale financing and navigating the dominance of the Chinese rare earth market.
Valuation comparisonCameco trades at a higher forward earnings multiple reflecting its established profits, whereas USA Rare Earth has a speculative price-to-sale valuation based on its future growth potential.
MetricCamecoUSA Rare EarthForward P/E50.5x33.1xP/S ratio16.2x190xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Cameco is an essential North American producer of uranium, which is needed for fueling nuclear power plants.
Nuclear energy provides about one-fifth of the U.S. energy supply, and the federal government has an aggressive timeline to quadruple nuclear energy by 2050. New reactor designs are emerging that should make building plants faster and cheaper, helping the nuclear plant market. It's a heavily regulated market for Cameco, but there is an unexpected risk: Donald Trump's fight with Canada could imperil exports of the precious fuel to the U.S. if things escalate.
Still, Cameco's business is seen as fairly stable, growing modestly (low single-digit growth) in the next few years. If you're a believer in long-term nuclear energy growth, it's one of the best plays in the sector. A bonus, Cameco last year purchased about half of Westinghouse, which is the dominant designer and builder of nuclear power plants around the world. Considering other countries, namely South Korea, are planning a boom in Westinghouse-designed plants, that's a plus. Westinghouse typically provides maintenance over the long term for its reactor designs, adding a predictable revenue stream.
USA Rare Earth, meanwhile, is seeking to be the second U.S. provider of rare-earth elements after MP Materials. The rare earth and rare-earth concentrate markets are dominated by China. That creates a risk: Chinese production levels and inventory stockpiling could lead to lower prices and adversely impact USAR's revenue. But that also provides the company's opportunity: national security and energy security increasingly rely on the usage of rare-earth metals to make things like magnets in EVs and wind turbines more efficient, and for classified usage in munitions.
There is likely room for both MP and USAR -- at least Wall Steet thinks so. Analysts project USAR to be fast growing, hitting sales of more than $700 million in fiscal 2027, nearly 10 times projections for 2026 and vastly greater than last year's $1 million and change sales.
Still, rare earths is capital intensive, while Cameco is an essential provider of uranium in a market where nuclear power is expected to boom. For 2026, Cameco is the better bet.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Let's take a look at what these Wall Street heavyweights have to say about Cameco (CCJ - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Cameco currently has an average brokerage recommendation (ABR) of 1.37, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms. An ABR of 1.37 approximates between Strong Buy and Buy.
Of the 19 recommendations that derive the current ABR, 14 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 73.7% and 15.8% of all recommendations.
Brokerage Recommendation Trends for CCJ
Check price target & stock forecast for Cameco here>>>
While the ABR calls for buying Cameco, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is CCJ a Good Investment?Looking at the earnings estimate revisions for Cameco, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $1.27.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cameco. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Cameco.
Nuclear power is experiencing a renaissance thanks to surging electricity demand. While the highlight of the increase in demand is new technologies like artificial intelligence and electric cars, the truth is that countries rising up the socioeconomic ladder are also a key driver. Nuclear power, and the companies that support it, are likely to see huge demand. But don't just think about utilities because nuclear reactors can't run without the nuclear fuel that Cameco (CCJ -0.76%) produces. And, it owns an important asset in Canada that positions it well for the future.
Raw uranium isn't all that useful Cameco has mined for uranium for a very long time, so it is well known in the industry. And, given its location in economically and politically stable Canada, it is a reliable supplier to the nuclear power industry. But there's something important to remember here, because just mining for uranium isn't really the end of the story. Raw uranium is actually pretty useless to a utility that owns a nuclear power plant. It has to be processed into a usable form.
Image source: Getty Images.
This is where Cameco's fuel services division comes into play. There are a number of different businesses that fall into this division, but one of the most notable is its Blind River refining operation. Blind River is the world's largest commercial uranium refinery. It is licensed to operate until 2032 and can produce up to 24 million kgU of vital nuclear power fuel.
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This puts the company in a great position to service the 417 operating reactors worldwide. But that's just the starting point. There are 77 nuclear reactors currently under construction. That list only includes three in all of the Americas, so U.S. investors may not see much news about new nuclear reactor construction. But in Asia, where 57 reactors are being built in China, India, and other countries, nuclear power is a very big deal.
Cameco is way more than just a miner Now add to Cameco's story that it owns half of Westinghouse, one of the world's largest service providers to the nuclear power industry. Cameco isn't just a big player in uranium production, where it has 14% of the global market, it's fingers reach much deeper into the industry. As demand for electricity grows and the world increasingly looks to nuclear power to meet it, picks-and-shovel's focused Cameco could easily be one of the biggest nuclear winners.
Reuben Gregg Brewer 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 (CCJ - Free Report) closed at $97.42 in the latest trading session, marking a -2.98% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.59%. Elsewhere, the Dow saw a downswing of 0.6%, while the tech-heavy Nasdaq depreciated by 0.65%.
Shares of the uranium producer have appreciated by 1.39% over the course of the past month, underperforming the Oils-Energy sector's gain of 9.15%, and outperforming the S&P 500's loss of 1.37%.
Market participants will be closely following the financial results of Cameco in its upcoming release. The company is expected to report EPS of $0.26, up 420% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $494.94 million, up 10.91% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.27 per share and a revenue of $0 million, indicating changes of +23.3% and 0%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Cameco. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 6.74% lower. As of now, Cameco holds a Zacks Rank of #3 (Hold).
In the context of valuation, Cameco is at present trading with a Forward P/E ratio of 78.94. This expresses a premium compared to the average Forward P/E of 17.86 of its industry.
It is also worth noting that CCJ currently has a PEG ratio of 1.72. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Alternative Energy - Other industry was having an average PEG ratio of 2.29.
The Alternative Energy - Other industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 94, placing it within the top 39% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Cameco is a global leader in the nuclear fuel cycle, benefiting from a resurgence in uranium demand. TMC the metals focuses on deep-sea mineral exploration to provide critical metals for the green energy transition.
Investors looking to capitalize on global electrification and energy security often find themselves choosing between Cameco Corp (CCJ -3.01%) and MP Materials Corp (MP -5.48%). Both companies play vital roles in the global resource transition.
Cameco dominates the uranium market, providing fuel for nuclear reactors worldwide, while MP Materials focuses on rare-earth magnets used in everything from electric vehicles to smartphones. While they operate in different niches, both firms offer exposure to critical materials. You must decide whether you prefer the established profitability of nuclear fuel or the domestic growth potential of rar earths.
The case for Cameco CorpCameco is a central figure in the global uranium industry, providing essential fuel services including mining, refining, and manufacturing. As a leader among nuclear energy stocks, the company sells its products and services to nuclear utilities across the globe. While the company does not disclose individual major customers in its regulatory filings, its role in the global energy supply chain is foundational to the world's nuclear power infrastructure.
In its latest annual report, filed for FY 2025, revenue reached nearly $2.5 billion, representing growth of roughly 11% over the previous year. This growth helped the company generate a net income of close to $427 million. (Cameco reports in Canadian dollars; they have been converted to U.S. dollars here). The company reported a net margin of approximately 16.9% for the year, which is a significant increase from the 5.5% net margin it recorded in the prior fiscal period.
As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.1x. This ratio measures total debt relative to shareholder equity, indicating the company carries very little debt compared to its own capital. The current ratio, which measures the ability to cover short-term debts with short-term assets, was roughly 2.5x. For FY 2025, free cash flow reached nearly $779.3 million, representing the cash remaining after the company pays for its operations and capital expenditures.
The case for MP Materials CorpMP Materials is the only fully integrated rare-earth producer in the United States, managing operations from mining to magnet manufacturing. The company maintains critical long-term supply agreements with General Motors Corp (GM +2.35%) and Apple Inc (AAPL +3.29%) for the delivery of magnets and the implementation of recycling capabilities. It also works with Sumitomo (SSUMF -2.25%) to supply Japanese markets and holds a long-term commitment with the U.S. Department of Defense.
In its latest annual report, filed for FY 2025, revenue was more than $224 million, which was an increase of roughly 10% year-over-year. Despite the revenue growth, the company reported a net loss of nearly $86 million for the fiscal year. This resulted in a net margin of approximately negative 38%, as the company continues to invest heavily in its domestic processing and manufacturing facilities.
According to its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.4x. This metric explains how much debt a company uses to finance its assets relative to shareholder equity, suggesting a conservative approach to borrowing. The so-called current ratio was roughly 7.2x, indicating the company has a large cushion of current assets to meet its short-term financial obligations. Free cash flow for FY 2025 was about negative $328 million, which is the cash left over after accounting for operating activities and capital investments.
Risk profile comparisonCameco faces risks primarily related to the volatile pricing of uranium and the heavily regulated nature of the nuclear industry. Changes in government policies regarding carbon-free energy or nuclear safety could impact global demand for its fuel services. Additionally, because its projects are long-term and capital-intensive, any delays in mine development or geopolitical shifts in regions where it operates could affect its production targets and future earnings potential.
MP Materials faces significant competitive threats from international producers, particularly in China, which currently maintains a dominant position in the global rare-earth market. The company is also involved in litigation against USA Rare Earth Inc (USAR -5.48%) over allegations of proprietary technology theft, which highlights the risks of protecting its specialized intellectual property. Furthermore, its financial stability is closely tied to the success of its partnership with the U.S. Defense Department and its ability to scale production at its domestic facilities.
Valuation comparisonCameco currently appears more affordable than MP Materials when comparing P/S ratio metrics, though MP looks cheaper through the prism of the Forward P/E ratio.
MetricCamecoMP MaterialsForward P/E54.0x30.9xP/S ratio17.2x31.5xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Cameco is an essential North American producer of uranium, which is needed for fueling nuclear power plants.
Nuclear energy provides about one-fifth of the U.S. energy supply, and the federal government has an aggressive timeline to quadruple nuclear energy by 2050. New reactor designs are emerging that should make building plants faster and cheaper, helping the nuclear plant market. It's a heavily regulated market for Cameco, but there is an unexpected risk: Donald Trump's fight with Canada could imperil exports of the precious fuel to the U.S. if things escalate.
Still, Cameco's business is seen as fairly stable, growing modestly (low single-digit growth) in the next few years. If you're a believer in long-term nuclear energy growth, it's one of the best plays in the sector. A bonus, Cameco last year purchased about half of Westinghouse, which is the dominant designer and builder of nuclear power plants around the world. Considering other countries, namely South Korea, are planning a boom in Westinghouse-designed plants, that's a plus. Westinghouse typically provides maintenance over the long term for its reactor designs, adding a predictable revenue stream.
MP, meanwhile, is the U.S.'s only fully integrated rare-earth producer. Rare-earth elements and rare-earth concentrate markets are dominated by China. That creates a risk: Chinese production levels and inventory stockpiling could lead to lower prices and adversely impact MP's revenue. But that also provides MP's opportunity: national security and energy security increasingly rely on the usage of rare-earth metals to make things like magnets in EVs and wind turbines more efficient, and for classified usage in munitions. MP owns and operates the Mountain Pass facility, in California. It is one of the world's largest integrated rare-earth mining and processing facilities and the only major rare-earth resource in the Western Hemisphere.
The risk is federal policy changes again, and China floods the U.S. market with cheap supply, ruining MP's business model (Mountain Pass had previously shut down after the Great Recession due to cheap Chinese supply). Yet we deem that unlikely given the increasing tenor of conflict and confrontation globally. Assuming rare-earth metal supply remains a U.S. priority (and it is unlikely renewable energy demand abates in any case), MP is the stock to buy for the long-term. Wall Street sees its revenue doubling in the current fiscal 2026 and just about doubling again in 2027, when analysts project the company's first profit.
Cameco (CCJ +1.22%) owns the largest commercial uranium refinery in the world. And it's not in Kazakhstan, China, or Russia. It's in Blind River, Ontario, Canada.
The Blind River refinery takes uranium concentrate (commonly called yellowcake) and removes impurities to produce uranium trioxide, or UO3. That material is then shipped to Cameco's Port Hope facility, where it's converted into what ultimately becomes nuclear fuel. Blind River currently has a production capacity of 18 million kilograms of uranium annually and is licensed for up to 24 million kilograms. Indeed, Cameco is much more than just a uranium miner.
Cameco controls more of the fuel cycle Mining uranium is only the beginning of the nuclear fuel cycle. Before uranium can fuel most reactors, it has to be refined, converted, and, depending on the reactor, enriched and fabricated into fuel rods. Cameco participates in several of those steps.
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After uranium is refined at Blind River, much of the UO3 travels to Cameco's Port Hope Conversion Facility. Port Hope converts it into either uranium hexafluoride, or UF6, which can be enriched for light-water reactors, or uranium dioxide (UO2), which is used to produce fuel for Canada's CANDU reactors, which are heavy water (deuterium oxide) reactors.
Now you have to understand that Port Hope would be particularly difficult to replace. It's Canada's only uranium conversion facility, one of only a handful of Western suppliers of UF6, and the world's only commercial supplier of natural UO2 used in CANDU reactors. That's a strategic position few nuclear companies can match. And demand is strong.
Cameco produced 6.3 million kilograms of fuel-services products during the first half of 2026 and still expects to produce between 13 million and 14 million kilograms for the full year. Those facilities aren't sitting around waiting for customers, either. Cameco entered 2026 with contracts covering roughly 83 million kilograms of UF6 conversion services for 33 utilities around the world.
Image source: Getty Images.
A different way to invest in nuclear power This is one of the reasons I continue to like Cameco as a long-term nuclear investment. You see, companies like Oklo (OKLO +4.94%) and NuScale (SMR +15.26%) need to successfully commercialize new reactor designs before they can generate substantial reactor-related revenue. Cameco doesn't need to predict which advanced reactor company will ultimately win the race to commercialize its designs.
Existing nuclear plants need fuel today. New reactors will need fuel tomorrow. Cameco can sell the uranium, refine it, convert it, manufacture CANDU fuel, and, through its stake in Westinghouse Electric Company, participate in the reactor business itself.
Understandably, the Blind River refinery and Port Hope conversion facility won't generate the excitement of a new small modular reactor. But they occupy critical positions in a Western nuclear fuel supply chain that's becoming increasingly valuable as electricity demand rises and utilities look to nuclear power for reliable, around-the-clock generation. And of course, more nuclear generation means more demand for uranium, conversion services, and nuclear fuel -- exactly the parts of the supply chain Cameco already controls.
Canada might not be literally unable to survive without these facilities. But replacing them would be extraordinarily difficult. And that gives Cameco a very real and strategic advantage as the global energy economy continues to rapidly expand.
Callan Family Office LLC bought a new stake in shares of Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,188 shares of the basic materials company’s stock, valued at approximately $732,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CCJ. Clearstead Advisors LLC boosted its holdings in Cameco by 0.8% in the fourth quarter. Clearstead Advisors LLC now owns 10,158 shares of the basic materials company’s stock valued at $929,000 after acquiring an additional 85 shares in the last quarter. HB Wealth Management LLC increased its position in Cameco by 3.1% during the 1st quarter. HB Wealth Management LLC now owns 3,560 shares of the basic materials company’s stock valued at $387,000 after purchasing an additional 107 shares during the period. Groupama Asset Managment raised its holdings in Cameco by 5.9% in the 4th quarter. Groupama Asset Managment now owns 1,928 shares of the basic materials company’s stock worth $176,000 after purchasing an additional 108 shares in the last quarter. S.A. Mason LLC raised its holdings in Cameco by 4.8% in the 4th quarter. S.A. Mason LLC now owns 2,436 shares of the basic materials company’s stock worth $223,000 after purchasing an additional 111 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its position in shares of Cameco by 3.4% in the 4th quarter. Kingsview Wealth Management LLC now owns 3,435 shares of the basic materials company’s stock worth $314,000 after purchasing an additional 114 shares during the period. Institutional investors own 70.21% of the company’s stock.
Cameco Stock Performance Shares of Cameco stock opened at $102.26 on Tuesday. 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 $44.54 billion, a P/E ratio of 173.32, a P/E/G ratio of 1.75 and a beta of 1.05. The business has a fifty day simple moving average of $96.12 and a two-hundred day simple moving average of $107.24. Cameco Corporation has a 12 month low of $73.20 and a 12 month high of $135.24.
Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last released 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 business had revenue of $573.06 million during the quarter, compared to analysts’ expectations of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%.The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.71 earnings per share. On average, equities analysts forecast that Cameco Corporation will post 1.27 earnings per share for the current fiscal year. Wall Street Analysts Forecast Growth A number of equities research analysts have recently weighed in on the stock. Scotiabank reaffirmed an “outperform” rating and set a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Truist Financial increased their price target on shares of Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Royal Bank Of Canada raised their price objective on shares of Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, June 29th. Barclays cut their price objective on Cameco from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 4th. Finally, Wall Street Zen downgraded 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 given a Hold rating to the company. According to MarketBeat.com, Cameco currently has an average rating of “Moderate Buy” and an average target price of $145.68.
Check Out Our Latest Report on Cameco
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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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's H1 uranium production fell 5%, with McArthur River/Key Lake gains offset by lower Cigar Lake output.Key Lake faces a longer-than-normal Q3 maintenance outage, while Cigar Lake halted for two weeks in July.Cameco kept 2026 production guidance at 19.5-21.5M pounds despite operational disruptions. Cameco Corporation (CCJ - Free Report) reported a 5% decline in its share of uranium production to 10.1 million pounds in the first half of 2026. Performance across key operations was mixed, with higher production at McArthur River/Key Lake offset by lower output at Cigar Lake.
Cameco’s share of packaged production from McArthur River and Key Lake rose 14% year over year to 5.8 million pounds. Production has been higher in 2026 due to differences in the mine plan.
However, operations faced temporary disruptions in May when flooding in northern Saskatchewan affected the primary transportation route to supply the McArthur River and Key Lake operations. Although the sites had not been impacted, the disruption to the delivery of critical operating materials and reagents led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for around two weeks.
The annual maintenance outage at the Key Lake mill is scheduled for the third quarter. The shutdown is expected to last longer than normal due to the nature of the work being performed. Cameco cautioned that production could be affected if the restart encountered challenges or there are delays in commissioning new equipment. The company, however, maintained its share of production from McArthur River/Key Lake at 10.0-11.5 million pounds for 2026. Cameco’s share from the operations was 10.5 million pounds in 2025.
Cameco’s share of packaged production from Cigar Lake declined to 4.3 million pounds in the first six months of 2026 from 5.5 million pounds in the prior year period. The decline mainly reflected the impact of the annual maintenance outage, which was carried out in the second quarter this year, as opposed to the third quarter last year.
In July, Cigar Lake temporarily suspended production for two weeks due to operational challenges at Orano’s McClean Lake mill. The mine’s production outlook for 2026, however, remains unchanged and Cameco’s share remains at 9.5-10.0 million pounds. The company’s share of production from Cigar Lake was 9.2 million pounds.
In July 2026, Cameco increased its ownership stake to 57.4% in Cigar Lake. Its share of 2026 expected production from the operation remains unchanged based on the new ownership structure.
Cameco’s expected total production for 2026 is at 19.5-21.5 million pounds compared with 23.4 million pounds in 2025.
Peer Energy Fuels Inc. (UUUU - Free Report) mined ore containing 315,000 pounds of uranium in the second quarter, bringing first-half mined production to 740,000 pounds. Finished uranium production totaled 865,000 pounds in the second quarter and 1.7 million pounds in the first half.
With first-half finished production already above the low end of its full-year guidance, Energy Fuels has made solid progress toward its 2026 target of 1.5-2.5 million pounds of finished uranium. The company expects to mine 2.0-2.5 million pounds of contained uranium during 2026.
CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 36.5% against the industry’s 1% dip. Energy Fuels gained 34.4% while Centrus Energy (LEU - Free Report) declined 10.4% in the same timeframe.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 18.06 compared with the industry’s 4.83. 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.
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.
Biondo Investment Advisors LLC purchased a new stake in Cameco Corporation (NYSE:CCJ – Free Report) (TSE:CCO) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,000 shares of the basic materials company’s stock, valued at approximately $509,000.
Several other institutional investors also recently made changes to their positions in the stock. Mcguire Capital Advisors Inc. acquired a new stake in shares of Cameco during the 4th quarter worth $28,000. Caitong International Asset Management Co. Ltd grew its position 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 valued at $28,000 after acquiring an additional 307 shares during the period. Sterling Capital Management LLC purchased a new stake in Cameco during the first quarter valued at 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 valued at $30,000 after acquiring an additional 325 shares during the period. Finally, Brown Lisle Cummings Inc. increased its stake 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 acquiring an additional 288 shares during the last quarter. 70.21% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets CCJ has been the subject of a number of research reports. Weiss Ratings cut Cameco from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Royal Bank Of Canada raised their price target on shares of Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, June 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 price target on shares of Cameco in a research report on Monday, June 15th. Truist Financial boosted their price objective on shares of Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Barclays cut their target price on shares of Cameco from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 4th. Fourteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $145.68.
Get Our Latest Stock Analysis on Cameco Cameco Price Performance Shares of CCJ stock opened at $102.55 on Monday. The firm has a market cap of $44.66 billion, a P/E ratio of 173.81, a P/E/G ratio of 1.75 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. Cameco Corporation has a 1-year low of $72.75 and a 1-year high of $135.24. The firm has a fifty day moving average of $96.21 and a two-hundred day moving average of $107.40.
Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last issued its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) 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 analyst estimates of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 EPS. As a group, research analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.
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.
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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.
If there was any worry that spending on artificial intelligence (AI) was finally set to slow down, it's just been wiped away. Not only are big tech companies not dialing back their aggressive investments in AI infrastructure, but they're ramping them up.
Google parent Alphabet (GOOG -0.12%) (GOOGL -0.13%) recently raised its 2026 capital expenditure (capex) forecast from a range of $180 billion to $190 billion to a range of between $195 billion and $205 billion. Amazon (AMZN -0.94%) upped its capex outlook for this year from a previous estimate of $200 billion to a new estimate of $220 billion. Facebook parent Meta (META -0.86%) is putting more money into AI as well, raising this money by issuing new debt.
These expanded spending plans obviously bode well for a company like Nvidia (NVDA -0.06%), which still makes the majority of the processors at work within AI data centers. It's also a boon for less obvious, indirect beneficiaries such as Vertiv (VRT +2.36%) or GE Vernova (GEV +1.32%). The former offers power-distribution and chip-cooling solutions, while the latter makes electricity-generating natural gas turbines that can power an entire AI data center.
Image source: Getty Images.
Perhaps the most underappreciated and undervalued company that wins from these growing capital expenditure budgets, however, is Cameco (CCJ -0.01%). It provides much of the uranium needed by nuclear power plants, which are increasingly important sources of the electricity that AI data centers desperately need.
Cameco is in the right place at the right time It's not the only name in the uranium business. It's technically not even the biggest name in the business. That title belongs to Kazakhstan's Kazatomprom, which serves many of its geographic neighbors to account for about a fifth of the industry's total global supply.
Saskatchewan, Canada-based Cameco is a major player, though, and certainly critical to North America's nuclear power industry. It sold 33 million pounds of triuranium octoxide last year, which you may know better as the yellowcake uranium fuel required by most nuclear reactors.
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It's not just a miner or refiner, though. The company also owns a 49% stake in Westinghouse Electric, which makes and services nuclear power reactors all over the world. Its tech is the heart of more than 90 facilities in 21 countries, in fact, providing Cameco with another (albeit indirect) foothold in the business. Last year, the company turned revenue of $3.5 billion into adjusted net earnings of $627 million, well up from 2024's figures.
And business is about to be even better.
With the planet struggling to keep up with ever-growing demand for electricity while also working to dial back its dependence on polluting fossil fuels, well-proven nuclear power is back in vogue. The World Nuclear Association believes worldwide nuclear power capacity could easily double between now and 2050, with some projections suggesting it could triple during this time. In this vein, Goldman Sachs predicts the current global count of about 440 reactors could reach 500 as soon as 2030, although another 400-plus are either already proposed or planned, according to the World Nuclear Association.
Their one common thread? Almost all of them will be powered by uranium-235, a great deal of which starts its journey at one of Cameco's mines.
Think bigger picture and longer term But is the company actually going to benefit from the artificial intelligence spending frenzy that's underway right now?
If it does, it probably won't happen overnight. It takes years to build and activate a new nuclear power facility, but AI data centers need more electricity right now. A company like the aforementioned GE Vernova is seemingly better positioned to meet the more immediate need.
Just think bigger picture and longer term. GE Vernova's natural gas power turbines are still mostly a stopgap solution. Indeed, the ramped-up consumption of natural gas they're causing could also pump up the price of the commodity itself, ultimately making this particular on-premise option a less cost-effective one. Although it costs more up front, in the long run, nuclear power is achieving, or even exceeding, cost parity with alternatives.
And as it turns out, many nuclear power plants built decades ago are still functioning just fine, outlasting initial estimates of how long they'd remain viable. The U.S. Nuclear Regulatory Commission, or NRC, reports that some facilities initially licensed for up to 40 years could end up lasting 80. And that's with an older design. Newer designs and materials could have even longer lifespans than the facilities being built and planned today.
Then there's another development: Technology companies and public utilities are evolving beyond the typical customer/provider relationship to cultivate true partnerships. As an example, in late 2024, software giant Microsoft and power utility provider (and major nuclear power plant operator) Constellation Energy (CEG +1.39%) co-announced plans to restart one of the idle nuclear reactors at Pennsylvania's Three Mile Island to provide power for one of Microsoft's data centers.
Utility outfit Vistra (VST +1.18%) is also working directly with Amazon and Meta to provide nuclear power to some of their AI data centers, justifying Vistra's investment in such facilities that will connect directly to the same power grid that serves retail customers.
If nothing else, it's a testament to the flexibility of nuclear power and the possibility of prolonging or even expanding the power output of an existing nuclear power facility. It's not like artificial data centers or the rest of the world are going to need less power in the future.
Just keep things in perspective The point is, although the knee-jerk bullishness that sent Cameco shares soaring last year on the heels of AI's explosion seems to have run its course (the stock's been lackluster so far this year), that's not necessarily the end of the story. That's just the first of several chapters.
While the second act may not be nearly as exciting as the first one -- and will take even longer to play out -- it will be the one that separates the winners from the losers, based on profits or lack thereof. Cameco will almost certainly come out of this period as a winner, particularly once the nuclear power plants currently under construction go online and begin consuming enriched uranium.
Despite Cameco's lethargic share performance this year, most members of the analyst community still rate this stock a strong buy, with an average target of $125.25, almost 30% more than now. That's not a bad short-term tailwind to start a new long-term position with.
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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