#4 - Cameco (NYSE:CCJ)
For much of 2024, as the world looked for sources of clean energy, analysts have been pointing to nuclear energy as a likely winner. And it’s not only about finding sources of clean energy but finding clean energy that can be available at scale.
That brings you to nuclear power and the demand for uranium - which then leads you to Canadian-based Cameco Corp. (NYSE: CCJ). Camecom is the world’s largest publicly traded uranium producer and has several active mining projects. It’s also partnering in a joint venture to develop a laser-based uranium enrichment technology. This has the potential to be a solution for enriching uranium safer, more efficiently and more cost-effectively.
CCJ stock is up 10.8% in 2024, but that’s largely because of a surge of around 16% in September. Analysts believe the rally will continue. They have a $66.26 consensus price target on CCJ stock, which provides an upside of 38%.
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
- $60.77
- Consensus Rating
- Buy
- Ratings Breakdown
- 7 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $66.56 (9.5% Upside)
