Balboa Wealth Partners Reduces Stake in Cameco Corporation by 49.2%

Balboa Wealth Partners has significantly reduced its holdings in Cameco Corporation, selling 12,493 shares during the second quarter of the fiscal year. This divestment represents a 49.2% decrease in the institutional investor’s stake, leaving them with 12,886 shares valued at approximately $957,000 at the end of the reporting period.

Several other institutional investors have also adjusted their positions in Cameco, which trades under the ticker symbols CCJ on the New York Stock Exchange and CCO on the Toronto Stock Exchange. For instance, Manchester Capital Management LLC increased its stake by 100.0% in the first quarter, acquiring an additional 300 shares to bring its total to 600 shares, valued at $25,000. Dagco Inc. and SVB Wealth LLC also established new positions in Cameco, valued at $28,000 and $29,000, respectively. Trust Co. of Vermont made a remarkable increase of 1,029.4% in its holdings, now owning 384 shares worth $29,000 after purchasing an additional 350 shares. Hilltop National Bank entered the market with a new stake valued at $30,000. Currently, approximately 70.21% of Cameco’s stock is held by hedge funds and other institutional investors.

Analyst Ratings and Stock Performance

Market analysts have expressed optimistic views on Cameco’s stock. The Royal Bank of Canada raised its target price from $100.00 to $110.00, assigning an “outperform” rating in a report dated August 1. Similarly, BMO Capital Markets and Scotiabank reaffirmed their “outperform” ratings, while Raymond James Financial echoed these sentiments on October 10. The consensus among analysts is overwhelmingly positive, with one rating it as a Strong Buy, fourteen as Buy, and one as Hold, resulting in an overall consensus rating of “Buy” and a consensus price target of $89.55.

As of Monday, shares of Cameco opened at $86.75, reflecting a decline of 4.8%. The stock has experienced considerable volatility over the past year, with a low of $35.00 and a high of $97.79. Financial metrics reveal a debt-to-equity ratio of 0.15, a current ratio of 2.96, and a quick ratio of 2.00. The company’s market capitalization stands at approximately $37.77 billion, with a price-to-earnings ratio of 99.71 and a beta of 0.99.

Recent Earnings Report

Cameco Corporation last released its quarterly earnings data on July 31, reporting earnings per share of $0.51, surpassing analysts’ expectations of $0.29 by $0.22. The company achieved a net margin of 14.97% and a return on equity of 8.21%. Revenue for the quarter totaled $467.72 million, falling short of estimates of $819.79 million. Despite this, the revenue marked a year-over-year increase of 46.7%, indicating robust growth in a challenging market.

Looking ahead, Cameco has set its fiscal year 2025 guidance for earnings per share, with analysts predicting an average of $1.27 for the current fiscal year. The company, which specializes in providing uranium for electricity generation, operates through various segments, including Uranium, Fuel Services, and Westinghouse. The Uranium segment focuses on the exploration, mining, and milling of uranium concentrate, while the Fuel Services segment handles refining, conversion, and fabrication processes.

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