#7 - Cameco Corp. (NYSE:CCJ)
One way to look for stocks likely to grow is to follow trends. And an emerging trend is the increased demand for nuclear power, which will provide a tailwind for uranium stocks. Cameco Corp. (NYSE: CCJ) is the world’s largest publicly traded uranium company and one of the best pure-play options for investors to consider.
As of this writing, CCJ stock is up 35.9% in the last 30 days and 16.8% in 2024. In an interview with Bloomberg, Cameco CEO Tim Gitzel called the current outlook the “best fundamentals” he’s ever seen for nuclear power. In response to the expected demand, Cameco plans to expand capacity.
One more thing to keep in mind is that the growth in nuclear power will be a multi-year cycle. This means that Cameco will have a long runway for future growth, much like NVIDIA in the chip sector. Commodity stocks can be notoriously cyclical, but CCJ looks like a solid choice for investors banking on a clean energy future.
About Cameco
Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.
Read More - Current Price
- $53.59
- Consensus Rating
- Buy
- Ratings Breakdown
- 7 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $66.56 (24.2% Upside)
If you think back to 2014, investors couldn't have predicted a global pandemic and the repercussions it would have on the stock market over the last five years. One of those repercussions was the meme stock movement when investors could throw money at a stock blindfolded and get a market-beating return.
But what came next should serve as a reminder to investors. Picking market winners isn't an exact science, but historical patterns matter.
By looking at stocks that have a proven track record of beating the S&P 500, you've got a better chance of getting market-beating returns no matter what surprises hit the economy.
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