12 Best Energy Stocks To Invest In Now

7. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Investors: 60

Cameco Corporation (NYSE:CCJ) is one of the world’s largest uranium mining companies with a strong presence in Canada’s Athabasca Basin, primarily through its Cigar Lake, Key Lake, and McArthur River mines. The company operates an integrated business model that spans uranium refining, conversion, and fuel manufacturing. Furthermore, Cameco Corporation (NYSE:CCJ) is actively engaged in advancing small modular reactor (SMR) nuclear technology and is contributing to the future of clean and reliable nuclear energy.

Cameco Corporation (NYSE:CCJ) is focused on optimizing assets to ensure a strong and resilient supply chain. The company has made significant investments in automation, digitization, and optimization of projects at its MacArthur River and Key Lake operations, which have already yielded positive results. These counter-cyclical investments, made during periods of market downturn, are now paying off, enabling the company to bend its cost curve and achieve higher production levels with lower costs. For example, the Key Lake Mill is expected to produce about 19 million pounds of uranium in 2024, up from the previously expected 18 million pounds.

Cameco Corporation (NYSE:CCJ) is also evaluating the work and capital required to expand its MacArthur River and Key Lake operations to a licensed capacity of up to 25 million pounds per year. The company is also assessing how it can de-risk and de-bottleneck operations to achieve a higher baseline level of production without making substantial additional investments.