5 Best Nuclear Energy Stocks To Buy Today

2. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Holders: 46

Cameco Corporation (NYSE:CCJ) is an energy company based in Canada. It produces and sells uranium, operating through its Uranium and Fuel Services segments.

Greg Barnes at TD Securities reiterated a Buy rating on Cameco Corporation (NYSE:CCJ) shares on October 28.

Cameco Corporation (NYSE:CCJ) is one of the largest companies in the nuclear energy sector, with a market cap of $10.4 billion. It has contracted nearly 23 million pounds of uranium over the next five years.

In total, 46 hedge funds were long Cameco Corporation (NYSE:CCJ) in the third quarter. Their total stake value was $569 million.

Aristotle Capital Management, LLC, an investment management company, mentioned Cameco Corporation (NYSE:CCJ) in its second-quarter 2022 investor letter. Here’s what the firm said:

“After making a strong run in the beginning of the year, Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was a primary detractor for the quarter. As countries focus on energy security and increasingly rely on nuclear energy, market dynamics are shifting in Cameco’s favor. Supply has tightened as the developed world pivots from Russia, a large supplier of uranium, while demand for non-Russia-linked uranium has increased. While we recognize there has been, and will likely continue to be, short-term volatility in uranium prices, we admire Cameco’s prior actions of operational discipline, which we believe have positioned the company to benefit from the current market dynamics. Cameco remains focused on prudently and profitably increasing production of its Canada-based assets, including an increase of its ownership stake in the Cigar Lake joint venture, as well as the planned start of production at the McArthur River/Key Lake mines in 2024. As these operations come online, we believe Cameco will be able to meet its utilities customers’ demand for long-term supply at higher equilibrium prices.”