12 Best Uranium Stocks to Invest in According to Analysts

6. NexGen Energy Ltd. (NYSE:NXE)

Number of Hedge Fund Holders: 37

Average Upside Potential: 104.22%

NexGen Energy Ltd. (NYSE:NXE) is a Canadian company involved in the exploration and development of uranium resources. Its primary project is based in the southwestern part of Saskatchewan’s Athabasca Basin. NXE is one of the best uranium stocks to monitor.

On March 12, Stifel analysts initiated coverage of NexGen Energy Ltd. (NYSE:NXE) with a Buy rating and a price target of C$16. Analysts see NexGen’s Rook 1 as a game-changer, with production levels rivaling Cameco’s. It is set to fill a major uranium supply gap between 2030-2036, especially for US utilities. With strong margins, a prime location, and construction-ready status, Rook 1 is likely to attract M&A interest and command a premium valuation.

In December 2024, NexGen Energy Ltd. (NYSE:NXE) landed its first uranium supply deals with major US nuclear utilities. These contracts are tied to market prices at the time of delivery, which aligns with NexGen’s long-term plan to benefit from future price increases. It is a pivotal moment that highlights the scalability of the Rook 1 project and offers much-needed supply diversity as global uranium sources face growing risks.

According to Insider Monkey’s fourth quarter database, 37 hedge funds were bullish on NexGen Energy Ltd. (NYSE:NXE), compared to 32 funds in the preceding quarter. Bill Ackman’s Pershing Square was the largest stakeholder of the company, with 18.76 million shares worth $1.4 billion.