5 Best 52-Week High Stocks To Buy Now

3. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Holders: 54

Cameco Corporation (NYSE:CCJ) ranks 3rd in our list of the best 52-week high stocks to buy now according to hedge funds. Earlier this month Cameco Corporation (NYSE:CCJ) posted Q2 results. Adjusted EPS in the quarter came in at -$0.01 missing estimates by $0.10. Revenue came in at $482 million, surpassing estimates by $129.68 million.

A total of 54 hedge funds in Insider Monkey’s database of 910 hedge funds had stakes in Cameco Corporation (NYSE:CCJ) as of the end of the June quarter. The biggest hedge fund stakeholder of Cameco Corporation (NYSE:CCJ) was Richard Driehaus’s Driehaus Capital which owns a $131 million stake in the company.

Aristotle Global Equity Strategy made the following comment about Cameco Corporation (NYSE:CCJ) in its Q4 2022 investor letter:

“Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was the largest detractor for the quarter. The company announced a strategic partnership with Brookfield Renewable to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for a total enterprise value of $7.87 billion. Cameco’s 49% interest in Westinghouse will be funded with cash, equity issuance and debt. While the announcement and resulting equity issuance came as a surprise, our initial impression is positive. Industry consolidation and management’s prior prudence (i.e., net cash balance sheet and shutting production in tough times), we believe, uniquely positioned Cameco to pursue this strategic transaction. We recognize the deal increases Cameco’s financial leverage; however, we believe Westinghouse’s market-leading downstream capabilities will align well with Cameco’s production and fuel services to offer a highly competitive nuclear fuel solution. In addition to the acquisition, the company announced the production of the first packaged pounds of uranium since restarting McArthur River mine and Key Lake mill. Moreover, Cameco signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of one of the country’s largest nuclear power operators, China National Nuclear Corporation. We believe these events highlight Cameco’s continued market leadership and opportunistic mindset in a fast-changing energy landscape.”