10 Best Canadian Stocks to Buy According to Billionaires

8. Cameco Corporation (NYSE:CCJ)

Number of Billionaires: 13 

Cameco Corporation (NYSE:CCJ) is a leading Canadian company specializing in the production of uranium and the provision of nuclear fuel services. The company’s tier-one mining and milling operations have the licensed capacity to produce over 30 million pounds of uranium concentrates annually, supported by more than 457 million pounds of proven and probable mineral reserves.

The global nuclear industry is experiencing a resurgence, owing to government support and increasing electricity demands due to electric vehicles and industrial growth. The U.S. aims to triple its nuclear capacity by 2050, indicating a broader revival in the sector. Major industry players in energy and tech are increasingly seeking reliable, carbon-free power for data centers and are contributing to this revival.

Canada is positioned to become the world’s largest uranium producer as demand for nuclear energy surges.  In 2024, Cameco increased its uranium production to 33.6 million pounds due to record production at the Key Lake mill. Investments in uranium exploration and appraisal have reached the highest levels in 20 years, driven by commitments from 31 countries to triple nuclear energy deployment by 2050 to combat climate change.

Cameco Corporation (NYSE:CCJ) reported strong financial performance in 2024,  across all segments. As of 30 December 2024, the company had shown a 158.59% uptick in free cash flow at $310.96 million. The total revenue increased 19.38% since last year to $2.29 billion. While the company’s net income decreased 53.08% since last year, it showed an increase of 1679.1% since last quarter, suggesting a positive impact on stock value. EBITDA ttm stands at $789.34 million.

Analysts hold a consensus Buy opinion on the stock and their 1-year median price target points to a 39.21% upside from current levels.