Cameco (CCJ) Increases Despite Market Slip: Here's What You Need to Know
In the latest trading session, Cameco (CCJ) closed at $49.16, marking a +0.82% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.46% for the day. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 0.64%.
The uranium producer's shares have seen an increase of 14.16% over the last month, surpassing the Basic Materials sector's loss of 1.93% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of Cameco in its upcoming release. The company plans to announce its earnings on April 30, 2024. The company's earnings per share (EPS) are projected to be $0.33, reflecting a 65% increase from the same quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cameco. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 10.98% fall in the Zacks Consensus EPS estimate. Right now, Cameco possesses a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Cameco is presently being traded at a Forward P/E ratio of 31.66. This expresses a premium compared to the average Forward P/E of 16.03 of its industry.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 93, positioning it in the top 37% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Cameco Corporation (CCJ) : Free Stock Analysis Report
