In 2024, Cameco Corp. (NYSE: CCJ) Shares Will Likely Be Bullish

Cameco Corp. (NYSE:CCJ) shares, rose in value on Thursday, April 04, with the stock price down by -0.16% to the previous day’s close as strong demand from buyers drove the stock to $49.78.

Actively observing the price movement in the recent trading, the stock is buoying the session at $49.86. The value of beta (5-year monthly) is 0.94 whereas the PE ratio is 80.93 over 12-month period. Referring to stock’s 52-week performance, its high was $51.33, and the low was $24.64. On the whole, CCJ has fluctuated by 21.83% over the past month.

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With the market capitalization of Cameco Corp. currently standing at about $21.61 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 30, 2024. The company’s Forward Dividend Ratio is 0.09, with its dividend yield at 0.18%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.26, which is expected to increase to $0.54 for fiscal year $1.07 and then to about $1.34 by fiscal year 2025. Data indicates that the EPS growth is expected to be 87.70% in 2025, while the next year’s EPS growth is forecast to be 25.20%.

Analysts have estimated the company’s revenue for the quarter at $555.45 million, with a low estimate of $501.88 million and a high estimate of $609.02 million. According to the average forecast, sales growth in current quarter could jump up 4.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $2.2 billion, representing an increase of 15.20% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CCJ’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 1.68, with the price of CCJ currently trading nearly 16.36% and 14.05% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 71.44, while the 7-day volatility ratio is showing 3.99% which for the 30-day chart, stands at 4.15%. Furthermore, Cameco Corp. (CCJ)’s beta value is 0.92, and its average true range (ATR) is 1.72.

A comparison of Cameco Corp. (CCJ) with its peers suggests the former has fared considerably weaker in the market. CCJ showed an intraday change of -0.16% in today’s session so far, and over the past year, it grew by 90.07%%.

Data on historical trading for Cameco Corp. (NYSE:CCJ) indicates that the trading volumes over the past 10 days have averaged 4.15 million and over the past 3 months, they’ve averaged 5.35 million. According to company’s latest data on outstanding shares, there are 434.18 million shares outstanding.

Nearly 0.27% of Cameco Corp.’s shares belong to company insiders and institutional investors own 76.27% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 21.8 million shares as on Mar 15, 2024, resulting in a short ratio of 3.47. According to the data, the short interest in Cameco Corp. (CCJ) stood at 5.02% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 16.65 million. The stock has risen by 15.50% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CCJ stock heading into the next quarter.