In this article, we discuss the 12 Best Uranium Stocks to Invest in According to Analysts.
Nuclear power is making a notable comeback. More than 20 countries pledged to triple nuclear energy by 2050 at the COP28 summit. Nuclear power is considered crucial for lowering emissions, and it is gaining support from both environmental advocates and US national security interests, though for different motivations. Big tech companies are also getting involved as they hunt for more energy to power massive data centers.
Uranium is not presently categorized as a “critical mineral” by the US Geological Survey (USGS) because it is classified as a fuel mineral. However, President Trump is pushing for its inclusion in the list, which would gather federal support and speed up project approvals. This seems like a sensible play on Trump’s part, as demand for uranium is climbing, and the US relies almost entirely on imports, with most of the world’s supply originating from a handful of countries. Uranium prices were at a 16-year high in 2023 and, while they have dipped marginally, they remain higher than at any time since Fukushima in 2011.
In December 2024, John Ciampaglia, CEO of Sprott Asset Management, told CNBC that the uranium industry had been on life support for nearly a decade after Fukushima, and there needed to be better supply discipline in the market. Uranium producers need to ensure that future supply matches demand. He noted that three factors supported the industry – first, the growing electrification in China, India, and other developing countries, secondly, energy security and decarbonization are putting the focus back on nuclear fuel as an energy source, and third, tech companies are now investing in the development of small modular reactors. He also commented on uranium spot and market prices, which are gradually moving upward. He believes uranium prices need to go higher to incentivize chemical producers and miners to increase production and build new mines, which is critical to developing uranium as a reliable electricity fuel in the coming decades.
Current supply shortages, higher long-term prices, and forecasts for record nuclear energy production in 2025 all point to a positive future. With that industry outlook in mind, let’s take a look at the best uranium stocks to buy according to analysts.
Miners at work in a mine, searching for Uranium.
Our Methodology
For this article, we searched credible websites and compiled an extensive list of US-listed uranium stocks. Next, we manually searched for the average upside potential of each stock and selected 12 stocks with the highest values. The list below is ranked in ascending order of the upside potential as of April 19. We have also mentioned the hedge fund sentiment as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12. BHP Group Limited (NYSE:BHP)
Number of Hedge Fund Holders: 28
Average Upside Potential: 14.82%
BHP Group Limited (NYSE:BHP) is one of the biggest natural resources companies in the world, focusing on the mining of copper, iron ore, coal, gold, uranium, nickel, silver, zinc, lead, cobalt, and molybdenum. It is one of the best uranium stocks on Wall Street. On February 18, 2025, the company announced an interim dividend of $0.50 per share for the half year ended 31 December 2024. The dividend was distributed to shareholders on March 27. The company has consistently shelled out dividends for 45 years.
In February 2025, BHP Group Limited (NYSE:BHP) assured investors that it can double its copper production in South Australia without significantly increasing uranium output. This helps ease long-time concerns that expanding the Olympic Dam mine would flood the market with excess uranium and drive prices down. Under its new smelter expansion plan, copper production could jump from 322,000 to 650,000 tonnes a year, while uranium output would only rise slightly, from 3,600 to no more than 4,000 tonnes.
According to Insider Monkey’s fourth quarter database, 28 hedge funds were bullish on BHP Group Limited (NYSE:BHP), compared to 22 funds in the prior quarter. Ken Fisher’s Fisher Asset Management holds a $1 billion stake in the company.
11. BWX Technologies, Inc. (NYSE:BWXT)
Number of Hedge Fund Holders: 55
Average Upside Potential: 24.00%
BWX Technologies, Inc. (NYSE:BWXT) is an American company that builds and supplies nuclear components and fuel for both government and commercial use around the world. The company is also involved in uranium-related activities, including downblending government stockpiles of uranium and fabricating uranium-based fuel components.
On April 1, Seaport Global Securities analyst Jeff Campbell initiated coverage of BWX Technologies, Inc. (NYSE:BWXT) with a Buy rating and a target price of $145. The analyst sees BWXT as uniquely positioned in the market, due to its exclusive role supplying nuclear reactors and fuel to the US Navy. He pointed to the company’s strong track record and said rising global tensions only strengthen its long-standing government relationships.
BWX Technologies, Inc. (NYSE:BWXT) announced plans to rebuild American uranium enrichment capabilities by purchasing 97 acres in Oak Ridge, Tennessee, on April 15. The new site will support the deployment of advanced DUECE centrifuge technology, developed by Oak Ridge National Lab, to produce enriched uranium for national defense needs. The project, backed by the Department of Energy’s National Nuclear Security Administration (NNSA), aims to re-establish a domestic supply of enriched uranium, which the US currently lacks.
According to Insider Monkey’s fourth quarter database, 55 hedge funds were bullish on BWX Technologies, Inc. (NYSE:BWXT), up from 43 funds in the prior quarter. Dmitry Balyasny’s Balyasny Asset Management was the largest stakeholder of the company, with 916,323 shares valued at $102 million.
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.
9. Energy Fuels Inc. (NYSE:UUUU)
Number of Hedge Fund Holders: 18
Average Upside Potential: 57.37%
Energy Fuels Inc. (NYSE:UUUU) is a Colorado-based company exploring and developing uranium resources in the United States. It also produces and sells vanadium, rare earth elements, and heavy mineral sands like ilmenite, rutile, zircon, and monazite. It is one of the best uranium stocks to invest in.
On February 28, Roth MKM analysts upgraded Energy Fuels Inc. (NYSE:UUUU) stock from Neutral to Buy and raised the price target to $5.75 from $5.50. The company raised solid capital to fund upcoming projects and finally settled its long-standing dispute with the Navajo Nation. Overall, the upgrade reflects renewed confidence in Energy Fuels Inc. (NYSE:UUUU)’s financial health and its direction moving forward.
Energy Fuels Inc. (NYSE:UUUU) has made big strides in rare earth production, developing the tech needed to produce six out of the seven rare earth oxides now restricted by China. On April 17, the company announced that its White Mesa Mill in Utah is already producing neodymium-praseodymium oxide and could scale up fast with the right market conditions or government support. With the US pushing to strengthen domestic supply chains, Energy Fuels sees itself as one of the few companies ready to deliver.
According to Insider Monkey’s fourth quarter database, 18 hedge funds were bullish on Energy Fuels Inc. (NYSE:UUUU), compared to 11 funds in the earlier quarter. Ray Dalio’s Bridgewater Associates was the leading stakeholder of the company, with 928,544 shares valued at $4.76 million.
8. Uranium Royalty Corp. (NASDAQ:UROY)
Number of Hedge Fund Holders: 8
Average Upside Potential: 87.22%
Uranium Royalty Corp. (NASDAQ:UROY) is a Vancouver-based company that acquires and manages royalties from uranium projects. It holds a diverse portfolio of interests in uranium assets across Canada, the United States, and Namibia. UROY ranks 8th on our list of the best uranium stocks.
On February 6, Raymond James assigned an Outperform rating on Uranium Royalty Corp. (NASDAQ:UROY) with a price target of C$4.50. The investment firm sees UROY as a low-risk investment with diversified uranium exposure. With no debt, $300 million in cash and physical uranium, and assets in low-risk regions, the company is well-positioned for growth amid rising demand for uranium.
As of March 6, 2025, Uranium Royalty Corp. (NASDAQ:UROY) purchased 3.5 million pounds of uranium at an average cost of $57.58 per pound and sold 0.75 million pounds at $65.79 per pound. The company holds 2.8 million pounds in inventory, valued at $175 million. UROY also has an agreement to purchase 500,000 pounds of uranium from CGN Global by 2025, with 100,000 pounds left to be delivered. Additionally, it has the option to acquire up to $21.25 million in uranium through 2028 and will collaborate with Yellow Cake on future uranium projects, including potential royalty and stream transactions.
According to Insider Monkey’s fourth quarter database, 8 hedge funds were long Uranium Royalty Corp. (NASDAQ:UROY), compared to 7 funds in the preceding quarter.
7. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 31
Average Upside Potential: 100.72%
Denison Mines Corp. (NYSE:DNN) ranks 7th on our list of the best uranium stocks, with an average upside potential of 100%. DNN is a Canadian uranium exploration and development company. It holds a majority ownership stake in the Wheeler River project in northern Saskatchewan’s Athabasca Basin.
On April 4, investment advisory Desjardins started coverage of Denison Mines Corp. (NYSE:DNN) with a Buy rating and a price target of C$4. Analyst Bryce Adams from Desjardins highlighted Denison Mines’ 95% ownership of the Wheeler River project, which is nearing the end of permitting and is expected to begin construction in early 2026. He sees minimal financial risk, despite a C$275 million funding gap, due to Denison’s strong market position.
In late 2024, Denison Mines Corp. (NYSE:DNN) made a deal with Cosa Resources, giving Cosa a 70% interest in three of its uranium properties in Saskatchewan’s eastern Athabasca Basin. In exchange, Denison received about 14.2 million Cosa shares, $2.25 million in deferred equity, and a $6.5 million commitment from Cosa to fund exploration on the sites. The deal closed in January 2025, making Denison Cosa’s largest shareholder with just under 20% ownership, and the two companies have now partnered on three uranium exploration joint ventures.
According to Insider Monkey’s fourth quarter database, 31 hedge funds were bullish on Denison Mines Corp. (NYSE:DNN), compared to 23 funds in the prior quarter. Hood River Capital Management was the largest stakeholder of the company, with 26.6 million shares worth nearly $48 million.
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.
5. Uranium Energy Corp. (NYSE:UEC)
Number of Hedge Fund Holders: 34
Average Upside Potential: 107.92%
Next on our list of the best uranium stocks is Uranium Energy Corp. (NYSE:UEC), a Texas-based company involved in exploring, extracting, and processing uranium and titanium, with projects across the United States, Canada, and Paraguay. On March 12, Stifel initiated coverage of UEC with a Buy rating and a price target of $10.50. The company is quickly expanding its American production and is well-positioned for near-term growth. Stifel Canada also praised UEC’s strong management, strategic acquisitions, and unhedged exposure to uranium prices.
In February 2025, Uranium Energy Corp. (NYSE:UEC) successfully processed and packaged uranium at its Irigaray plant in Wyoming after starting production at Christensen Ranch. This was a major milestone for the company, with the uranium transported to a conversion facility in Illinois. With no debt and full exposure to market prices, UEC is set to scale up as demand for US-sourced uranium rises.
According to Insider Monkey’s Q4 data, Richard Driehaus’ Driehaus Capital held the biggest stake in Uranium Energy Corp. (NYSE:UEC), with 9.5 million shares worth $63.5 million. Overall, 34 hedge funds were bullish on the stock.
4. Centrus Energy Corp. (NYSE:LEU)
Number of Hedge Fund Holders: 22
Average Upside Potential: 118.55%
Centrus Energy Corp. (NYSE:LEU) is a Maryland-based provider of nuclear fuel components and services, operating through two business segments – Low-Enriched Uranium (LEU) and Technical Solutions. On March 4, Citi started coverage of LEU with a Neutral rating and a price target of $104. The investment firm noted that Centrus is close to becoming the only large-scale US producer of LEU and HALEU, with plans to expand its enrichment capacity. Its Ohio facility is ready for the next phase, but it needs part of a $3.4 billion government fund to proceed. However, funding and valuation uncertainties led to a Neutral rating.
Centrus Energy Corp. (NYSE:LEU) reported $73.2 million in net income and grew its revenue to $442 million for the year ended December 31, 2024, up from $320 million last year. During the year, the company secured around $2 billion in contracts, continuing HALEU production, restarting centrifuge manufacturing, and landing new government deals. On November 7, 2024, the company raised about $388.7 million from a $402.5 million offering of convertible senior notes due in 2030. The company plans to use the proceeds to invest in new tech, expand operations, pay down debt, and explore future growth opportunities. It is one of the best uranium stocks to buy now.
Among the hedge funds tracked by Insider Monkey in Q4 2024, 22 funds reported owning stakes in Centrus Energy Corp. (NYSE:LEU), compared to 11 funds in the previous quarter.
3. NANO Nuclear Energy Inc. (NASDAQ:NNE)
Number of Hedge Fund Holders: 10
Average Upside Potential: 139.17%
NANO Nuclear Energy Inc. (NASDAQ:NNE) is a New York-based company working on next-gen nuclear tech. The company is developing two innovative reactors: ZEUS, a compact solid-core battery reactor, and ODIN, which uses a low-pressure salt coolant system. It is one of the best uranium stocks based on average upside potential.
Benchmark maintained a Buy rating on NANO Nuclear Energy Inc. (NASDAQ:NNE) with a price target of $45 on April 1. NANO’s main focus is on its Kronos microreactor, which will be the company’s first commercial product. With strong financials and ongoing efforts to secure licenses, the company is preparing for market entry.
On April 2, NANO Nuclear Energy Inc. (NASDAQ:NNE) partnered with the University of Illinois Urbana-Champaign to build the first KRONOS micro modular reactor (MMR) for research purposes on the university’s campus. This partnership is a big step forward for NANO, as it moves from design to actual construction. The project will involve regulatory licensing, environmental studies, and public engagement, bringing the company closer to launching its technology on a larger scale.
According to Insider Monkey’s fourth quarter database, 10 hedge funds were long NANO Nuclear Energy Inc. (NASDAQ:NNE), with collective stakes worth $44.7 million.
2. enCore Energy Corp. (NASDAQ:EU)
Number of Hedge Fund Holders: 9
Average Upside Potential: 191.38%
enCore Energy Corp. (NASDAQ:EU) is a uranium company based in Corpus Christi, Texas. It focuses on exploring, developing, and extracting uranium across several states, with uranium properties in Texas, Wyoming, South Dakota, and New Mexico. EU has an average upside potential of 191% as of April 19, making it one of the best uranium stocks.
On March 18, H.C. Wainwright assigned a Buy rating to enCore Energy Corp. (NASDAQ:EU) but trimmed the price target from $7 to $2.75. enCore’s revenue more than doubled in 2024, reaching $58.3 million, up from $22.1 million in 2023, due to selling more uranium at higher prices. Still, the company reported a net loss of $68 million. Despite the loss, analysts are hopeful that production efficiencies, especially at the Alta Mesa project, could help turn things around this year.
enCore Energy Corp. (NASDAQ:EU) sold many of its New Mexico uranium projects to Verdera Energy on April 9. In exchange, enCore received 50 million preferred shares, giving it around 73% ownership in Verdera, and $350,000 in cash and a 2% royalty on any future uranium or mineral production from those sites. The deal also includes plans for Verdera to go public, after which enCore will distribute 35 million of those shares to its own shareholders.
According to Insider Monkey’s fourth quarter database, 9 hedge funds were long enCore Energy Corp. (NASDAQ:EU), compared to 12 funds in the last quarter.
1. Ur-Energy Inc. (NYSE:URG)
Number of Hedge Fund Holders: 10
Average Upside Potential: 229.92%
Ur-Energy Inc. (NYSE:URG) is a Colorado-based uranium mining company that explores, develops, and manages uranium sites across the United States. The company operates the Lost Creek uranium facility in Wyoming, which has already produced about 2.8 million pounds of uranium. It recently got approval to expand operations, which can raise production capacity up to 2.2 million pounds a year, though some final permits are still expected in 2025. URG is also proceeding with the Shirley Basin Project, which got approval in 2024 and is set to begin construction in 2025. Ur-Energy Inc. (NYSE:URG) ranks first on our list of the best uranium stocks to buy.
By the end of 2024, Ur-Energy Inc. (NYSE:URG) had $76.1 million in cash, up from $59.7 million the year before. The company raised nearly $100 million through financing, but spent most of it on operations and some on investments and restricted cash. In 2024, they sold 570,000 pounds of uranium but at a loss, selling it for $58.15 per pound while it cost them $64.34 to produce. That is a sharp contrast to 2023, when they made a healthy profit of nearly $31 per pound. Despite some financial struggles, the company has 21 drill rigs running at Lost Creek and brought two new well sites online in early 2025.
According to Insider Monkey’s fourth quarter database, 10 hedge funds held long positions in Ur-Energy Inc. (NYSE:URG), the same as the prior quarter. Azarias Capital Management held the leading stake in the company, with nearly 21 million shares valued at $24 million.
Overall, URG ranks first among the best uranium stocks to invest in according to analysts. While we acknowledge the potential of uranium stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than URG but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
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