Traders Buy Large Volume of Put Options on Cameco (NYSE:CCJ)

Cameco Corporation (NYSE:CCJ) (TSE:CCO) saw unusually large options trading on Thursday. Traders purchased 28,210 put options on the stock. This represents an increase of 942% compared to the typical daily volume of 2,706 put options.

Cameco Stock Performance

Shares of CCJ stock opened at $119.14 on Friday. The stock’s 50-day moving average price is $108.19 and its 200 day moving average price is $92.95. Cameco has a 52-week low of $35.00 and a 52-week high of $135.24. The stock has a market capitalization of $51.89 billion, a PE ratio of 122.83 and a beta of 0.99. The company has a quick ratio of 1.85, a current ratio of 2.47 and a debt-to-equity ratio of 0.14.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings data on Friday, February 13th. The basic materials company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. The firm had revenue of $874.57 million for the quarter, compared to analyst estimates of $782.13 million. Cameco had a net margin of 17.00% and a return on equity of 9.35%. Cameco’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. As a group, equities research analysts forecast that Cameco will post 1.27 EPS for the current year.

Institutional Trading of Cameco

Institutional investors and hedge funds have recently made changes to their positions in the company. Abbington Investment Group bought a new position in shares of Cameco in the third quarter worth $6,506,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cameco by 79.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 249,992 shares of the basic materials company’s stock valued at $20,964,000 after buying an additional 110,629 shares during the period. Nwam LLC raised its position in shares of Cameco by 11.7% in the 2nd quarter. Nwam LLC now owns 81,129 shares of the basic materials company’s stock valued at $6,304,000 after buying an additional 8,519 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in shares of Cameco by 165.1% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 169,448 shares of the basic materials company’s stock worth $12,593,000 after acquiring an additional 105,523 shares during the period. Finally, Thames Capital Management LLC boosted its position in shares of Cameco by 66.8% during the 3rd quarter. Thames Capital Management LLC now owns 107,062 shares of the basic materials company’s stock worth $8,978,000 after acquiring an additional 42,879 shares in the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. National Bank Financial reissued an “outperform” rating on shares of Cameco in a research note on Thursday, November 6th. Raymond James Financial restated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. Royal Bank Of Canada lifted their target price on Cameco from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday. Zacks Research raised shares of Cameco from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 14th. Finally, Wall Street Zen lowered shares of Cameco from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Cameco currently has a consensus rating of “Buy” and an average target price of $143.03.

About Cameco

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.