Stock traders buy large volume of put options on Cameco (NYSE:CCJ)

Cameco Co. (NYSE:CCJ) (TSE:CCO) was the target of unusual options trading activity on Wednesday. Investors bought 28,210 put options on the company. This is a 942% increase from the typical daily volume of 2,706 puts.

CCJ has been the subject of a number of analyst reports. Royal Bank of Canada raised its price target on Cameco shares from C$26.00 to C$29.00 and gave the company an “industry performance” rating in a research report on Monday 1 November. BMO Capital Markets raised its target price on Cameco from CA$26.00 to CA$28.00 and gave the company a “market performance” rating in a Tuesday, November 2 research note. StockNews.com downgraded Cameco from a “hold” rating to a “sell” rating in a research report Wednesday. CIBC began covering Cameco in a research report on Wednesday, January 19. They issued an “outperformance” rating on the stock. Finally, Scotiabank raised its price target on Cameco from CA$35.00 to CA$38.00 and gave the company an “outperform” rating in a report released Monday, Nov. 1. Two equity research analysts have assigned the stock a sell rating, two have issued a hold rating and seven have assigned the stock a buy rating. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $31.88.

A number of large investors have recently changed their holdings in CCJ. Ensign Peak Advisors Inc increased its position in Cameco by 2.4% during the third quarter. Ensign Peak Advisors Inc now owns 17,100 shares of the basic materials company worth $371,000 after buying 400 more shares in the last quarter. Sage Rhino Capital LLC increased its equity stake in Cameco by 0.9% in Q3. Sage Rhino Capital LLC now owns 52,082 shares of the basic materials company worth $1,132,000 after purchasing an additional 486 shares during the period. Merrion Investment Management Co LLC increased its stake in Cameco by 0.3% during the 4th quarter. Merrion Investment Management Co LLC now owns 204,100 shares of the basic materials company valued at $4,451,000 after acquiring an additional 600 shares during the period. Signaturefd LLC increased its stake in Cameco by 28.4% during the third quarter. Signaturefd LLC now owns 2,734 shares of the basic materials company valued at $59,000 after acquiring an additional 605 shares during the period. Finally, Mufg Securities Canada LTD. increased its position in Cameco shares by 0.4% during the third quarter. Mufg Securities Canada LTD. now owns 212,437 shares of the basic materials company valued at $4,625,000 after purchasing an additional 780 shares last quarter. 58.29% of the shares are currently held by institutional investors and hedge funds.

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NYSE:CCJ opened at $22.78 on Thursday. The company has a market capitalization of $9.07 billion, a price-earnings ratio of -325.38 and a beta of 0.88. The company has a quick ratio of 5.00, a current ratio of 6.34 and a leverage ratio of 0.20. Cameco has a 12 month minimum of $14.50 and a 12 month maximum of $28.49. The stock’s 50-day moving average price is $21.70 and its two-hundred-day moving average price is $21.97.

About Cameco

Cameco Corp. engages in the supply of uranium. The Company operates through the following segments: Uranium and Fuel Services. The Uranium segment includes the exploration, mining, milling, purchase and sale of uranium concentrate. The Fuel Services segment includes the refining, conversion and manufacture of uranium concentrate as well as the purchase and sale of conversion services.

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