Cameco Corporation (CCJ) Shares Gap Down on Disappointing Earnings

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price gapped down prior to trading on Monday following a weaker than expected earnings announcement. The stock had previously closed at $8.23, but opened at $8.30. Cameco Corporation shares last traded at $8.13, with a volume of 1,312,090 shares changing hands.

The basic materials company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.20). Cameco Corporation had a negative net margin of 13.04% and a negative return on equity of 0.69%. The business had revenue of $486.00 million during the quarter, compared to analysts’ expectations of $486.84 million. During the same period last year, the business posted $0.30 earnings per share. The company’s revenue for the quarter was down 27.5% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.078 per share. This represents a $0.31 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, December 28th. Cameco Corporation’s payout ratio is -57.14%.

Several research firms have recently weighed in on CCJ. TheStreet downgraded Cameco Corporation from a “c” rating to a “d+” rating in a research report on Friday, October 27th. BidaskClub downgraded Cameco Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research downgraded Cameco Corporation from a “buy” rating to a “strong sell” rating in a research report on Tuesday. Raymond James Financial, Inc. restated an “outperform” rating on shares of Cameco Corporation in a report on Tuesday, August 15th. Finally, Royal Bank Of Canada decreased their price objective on Cameco Corporation from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, October 20th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Cameco Corporation currently has a consensus rating of “Hold” and a consensus target price of $15.22.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brookstone Capital Management boosted its position in Cameco Corporation by 9.8% in the 2nd quarter. Brookstone Capital Management now owns 11,522 shares of the basic materials company’s stock worth $105,000 after purchasing an additional 1,033 shares in the last quarter. Usca Ria LLC raised its stake in shares of Cameco Corporation by 4.6% during the 2nd quarter. Usca Ria LLC now owns 11,668 shares of the basic materials company’s stock worth $106,000 after buying an additional 510 shares during the period. Mitchell Sinkler & Starr PA acquired a new position in shares of Cameco Corporation during the 3rd quarter worth approximately $113,000. HRT Financial LLC acquired a new position in shares of Cameco Corporation during the 2nd quarter worth approximately $129,000. Finally, Creative Planning raised its stake in shares of Cameco Corporation by 55.3% during the 2nd quarter. Creative Planning now owns 15,541 shares of the basic materials company’s stock worth $141,000 after buying an additional 5,531 shares during the period. Hedge funds and other institutional investors own 56.50% of the company’s stock.

The firm’s market capitalization is $3.22 billion. The firm has a 50-day moving average of $9.38 and a 200 day moving average of $9.70.

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About Cameco Corporation

Cameco Corporation (Cameco) is a uranium producer. The Company is primarily engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. The Company operates through three segments: uranium, fuel services and NUKEM.

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