5 Best Uranium Stocks To Buy

1. Cameco Corporation (NYSE:CCJ)

Number of Hedge Fund Holders: 46    

Cameco Corporation (NYSE:CCJ) produces and sells uranium. It operates through two segments, Uranium and Fuel Services. On November 7, Cameco signed a supply deal with China Nuclear International Corporation, owned by China National Nuclear Corporation, one of largest nuclear power operators in China. The terms of the deal were not disclosed.

On October 28, TD Securities analyst Greg Barnes maintained a Buy rating on Cameco Corporation (NYSE:CCJ) stock and raised the price target to C$41 from C$40.

At the end of the third quarter of 2022, 46 hedge funds in the database of Insider Monkey held stakes worth $569.2 million in Cameco Corporation (NYSE:CCJ), compared to 40 in the preceding quarter worth $477.2 million.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm CQS Cayman LP is a leading shareholder in Ur-Energy Inc. (NYSE:URG) with 10.8 million shares worth more than $11.7 million. 

In its Q3 2022 investor letter, Aristotle Capital Management, LLC, an asset management firm, highlighted a few stocks and Cameco Corporation (NYSE:CCJ) was one of them. Here is what the fund said:

“Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was the top contributor for the quarter. To pivot away from a reliance on Russian energy without jeopardizing net‐zero commitments, policymakers and businesses have (finally) turned their attention toward nuclear power generation. Germany extended the life of two nuclear power plants, and Japan announced it will look at extending the life of existing reactors, restarting additional idle reactors and look at developing next‐generation reactors. These shifts in energy policies have increased demand at a time of tight supply. Although such market dynamics will likely favor Cameco in the short term, we believe the company’s continued focus on supply discipline will also help ensure long-term success. By obtaining long‐term contracts and slowly ramping production, we believe Cameco is well positioned in the changing energy landscape. The company has already recorded 45 million pounds in new long‐term uranium contracts this year, with additional contract discussions underway. Furthermore, Cameco increased its ownership in Cigar Lake by 4.52%, bringing its ownership stake to 54.55%. This ownership expansion, combined with investment in operational readiness for McArthur River/Key Lake, should allow the company to continue to meet utility customers’ changing and growing long‐term demand. This sets the stage for Cameco to execute on our catalyst of increasing its uranium volume sold at higher prices, all while lowering production costs through scale and its access to some of the highest‐grade ore on the planet.”

You can also take a peek at 12 Countries That Produce The Best Cosmetics and Top 15 3D Companies in the World.