12 Best Uranium Stocks To Invest In According To Analysts

10. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Holders: 65

Average Upside Potential: 44.12%

Cameco Corporation (NYSE:CCJ) is a Canadian company that supplies uranium for electricity generation. The company runs three main divisions – Uranium, which covers everything from mining to sales; Fuel Services, which handles the refining and conversion of uranium; and Westinghouse, which delivers nuclear technology and services to power plants. It is one of the best uranium stocks to look out for, with an average upside potential of 44% as of April 19.

On March 12, Stifel Canada started coverage of Cameco Corporation (NYSE:CCJ) with a Buy rating and a price target of C$90. Stifel is optimistic about Cameco’s future, noting that rising uranium prices and the company’s solid financial performance, including 21.18% revenue growth, position it well for success. The firm also sees potential in Cameco’s Uranium and Fuel Services segments, particularly its 49% stake in Westinghouse Electric Co., which they believe is undervalued.

Cameco Corporation (NYSE:CCJ) reported net earnings of $172 million for full-year 2024, with adjusted net earnings of $292 million, reflecting higher sales volumes and better prices due to supply concerns. The company generated $905 million in cash from operations and saw a 73% increase in adjusted EBITDA, reaching over $1.5 billion. Cameco also earned $483 million in adjusted EBITDA from its stake in Westinghouse. The company’s uranium segment delivered 33.6 million pounds of uranium at $79.70 per pound, while the fuel services segment delivered 12.1 million kgU at an average price of $37.87 per kgU. By the end of 2024, CCJ had $600 million in cash, $1.3 billion in debt, and a $1 billion undrawn credit facility. It also expects strong cash flow in 2025.

According to Insider Monkey’s Q4 data, 65 hedge funds held long positions in Cameco Corporation (NYSE:CCJ), compared to 60 funds in the prior quarter. Richard Driehaus’ Driehaus Capital held a notable stake in the company, with 2.24 million shares worth $115.4 million.