Cameco (CCJ) Surpasses Market Returns: Some Facts Worth Knowing
In the latest market close, Cameco (CCJ) reached $51.88, with a +1.03% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.77%. Elsewhere, the Dow gained 0.47%, while the tech-heavy Nasdaq added 0.87%.
Heading into today, shares of the uranium producer had gained 27.33% over the past month, outpacing the Basic Materials sector's gain of 5.59% and the S&P 500's gain of 4.87% in that time.
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 November 7, 2024. On that day, Cameco is projected to report earnings of $0.28 per share, which would represent year-over-year growth of 16.67%. Our most recent consensus estimate is calling for quarterly revenue of $532.06 million, up 24.12% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.83 per share and a revenue of $2.2 billion, representing changes of +45.61% and +15.1%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cameco. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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. The Zacks Consensus EPS estimate has moved 13.54% lower within the past month. Cameco presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Cameco is currently being traded at a Forward P/E ratio of 61.87. This valuation marks a premium compared to its industry's average Forward P/E of 16.7.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 207, which puts it in the bottom 18% of all 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.
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Cameco Corporation (CCJ) : Free Stock Analysis Report