Stock traders buy high volume of Cameco call options (NYSE:CCJ)

Cameco Co. (NYSE:CCJ – Get Rating) (TSE:CCO) was the recipient of some unusual options trading activity on Thursday. Traders acquired 384,705 call options on the stock. This is a 1,490% increase from the average daily volume of 24,198 call options.

Cameco down 2.1%

Shares of CCJ opened at $28.55 on Friday. Cameco has a 52-week low of $18.03 and a 52-week high of $32.49. The company has a quick ratio of 4.84, a current ratio of 6.02 and a leverage ratio of 0.20. The company’s fifty-day moving average is $23.99 and its two-hundred-day moving average is $24.93. The stock has a market capitalization of $11.38 billion, a PE ratio of 237.94 and a beta of 1.00.

Cameco (NYSE:CCJ – Get Rating) (TSE:CCO) last announced its results on Wednesday, July 27. The basic materials company reported earnings per share (EPS) of $0.14 for the quarter, beating the consensus estimate of ($0.02) by $0.16. Cameco had a net margin of 3.48% and a return on equity of 1.17%. The company posted revenue of $437.25 million for the quarter. Research analysts expect Cameco to post 0.2 earnings per share for the current fiscal year.

Institutional investors weigh on Cameco

A d Investment trends

The NEW COLD WAR US – RUSSIA

In response to Putin’s invasion of Ukraine, the United States dusted off a Cold War-era power and invoked the Defense Production Act of the 1950s. He calls for support from the mining and manufacturing of critical minerals such as copper, to accelerate the transition to green energy. But with Russia sitting on the third largest copper reserves in the world, new sources of mining are desperately needed.

Several institutional investors and hedge funds have recently increased or reduced their stake in CCJ. Capital World Investors increased its position in Cameco shares by 402.0% during the first quarter. Capital World Investors now owns 10,131,797 shares of the basic materials company valued at $295,084,000 after acquiring 8,113,385 additional shares in the last quarter. FMR LLC increased its position in Cameco shares by 360.1% during the second quarter. FMR LLC now owns 8,186,417 shares of the basic materials company valued at $172,088,000 after acquiring an additional 6,407,271 shares in the last quarter. Alps Advisors Inc. acquired a new position in Cameco stock during Q2 worth approximately $121,589,000. Mirae Asset Global Investments Co. Ltd. increased its position in Cameco shares by 37.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,068,688 shares of the basic materials company valued at $497,555,000 after acquiring 4,644,453 additional shares in the last quarter. Finally, Pendal Group Ltd increased its position in Cameco shares by 168.4% during the second quarter. Pendal Group Ltd now owns 3,112,423 shares in the basic materials company valued at $65,281,000 after acquiring a further 1,952,856 shares in the last quarter. Institutional investors and hedge funds hold 58.85% of the company’s shares.

Analysts set new price targets

Several research companies have recently weighed in on CCJ. StockNews.com upgraded Cameco’s shares from a “sell” rating to a “hold” rating in a Thursday, May 12 report. Canaccord Genuity Group lowered its target price on Cameco shares from C$44.00 to C$43.00 in a report released Friday, May 6. Royal Bank of Canada reduced its target price on Cameco shares from C$50.00 to C$45.00 in a Friday, May 6 report. Finally, Scotiabank raised its price target on Cameco shares from C$43.00 to C$44.00 in a Tuesday, August 2 report. One equity research analyst gave the stock a hold rating and ten gave the company’s stock a buy rating. According to data from MarketBeat.com, Cameco has an average rating of “Moderate Buy” and an average target price of $41.89.

About Cameco

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Cameco Corporation produces and sells uranium. It operates through two segments, uranium and fuel services. The Uranium segment is involved in the exploration, mining and milling, as well as the purchase and sale of uranium concentrate. The Fuel Services segment is engaged in the refining, conversion and manufacture of uranium concentrate, as well as the purchase and sale of conversion services.

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