In this article, we discuss the 5 best uranium stocks to buy. If you want to read about some more uranium stocks, go directly to 10 Best Uranium Stocks To Buy.
5. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 12
Denison Mines Corp. (NYSE:DNN) engages in the acquisition, exploration, development, extraction, processing, selling off, and investing of uranium properties in Canada. On December 8, shares of Denison Mines Corp were up 4.1% after it released results from long-term core leach metallurgic testing to support the feasibility study underway for the Phoenix in-situ recovery uranium mining operation. This operation was proposed for the Wheeler River project.
At the end of the third quarter of 2022, 12 hedge funds in the database of Insider Monkey held stakes worth $18.8 million in Denison Mines Corp. (NYSE:DNN), compared to 12 in the preceding quarter worth $21.9 million.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Sprott Asset Management is a leading shareholder in Denison Mines Corp. (NYSE:DNN) with 3.3 million shares worth more than $3.8 million.
4. NexGen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 15
NexGen Energy Ltd. (NYSE:NXE) is an exploration and development stage company that engages in the acquisition, exploration, evaluation and development of uranium properties in Canada. On November 16, IsoEnergy, a subsidiary of NexGen Energy, agreed on a funding package of CAD$15.3 million. It consists of non-brokered private placement shares of CAD 5.3 million. On December 1, NexGen Energy reported that it has received the technical and the public comments on the Rook I draft environmental impact statement. The proposed Rook 1 underground mine and mill 40 km east of the Alberta-Saskatchewan border is 100%-owned by NexGen.
At the end of the third quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $63.8 million in NexGen Energy Ltd. (NYSE:NXE), compared to 13 in the previous quarter worth $64.9 million.
Among the hedge funds being tracked by Insider Monkey, Washington-based firm Waratah Capital Advisors is a leading shareholder in NexGen Energy Ltd. (NYSE:NXE) with 3.7 million shares worth more than $13.5 million.
3. BHP Group Limited (NYSE:BHP)
Number of Hedge Fund Holders: 20
BHP Group Limited (NYSE:BHP) operates as a resources company in Australia, Europe, China, Japan, India, South Korea, the rest of Asia, North America, South America, and internationally. The firm also has stakes in the uranium industry. On December 12, BHP Group made an equity investment in I-Pulse, an industrial technology developer, and its affiliate I-Rox, to identify and develop applications of pulsed-power technology across multiple aspects of the mining industry.
On November 23, Deutsche Bank analyst Liam Fitzpatrick maintained a Hold rating on BHP Group Limited (NYSE:BHP) stock and raised the price target to 2,200 GBP from 2,100 GBP, highlighting that there is not enough mining supply to meet future energy transition-related demand.
At the end of the third quarter of 2022, 20 hedge funds in the database of Insider Monkey held stakes worth $1 billion in BHP Group Limited (NYSE:BHP), compared to 19 in the preceding quarter worth $1.4 billion.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in BHP Group Limited (NYSE:BHP) with 17.6 million shares worth more than $881 million.
2. Rio Tinto Group (NYSE:RIO)
Number of Hedge Fund Holders: 26
Rio Tinto Group (NYSE:RIO) engages in exploring, mining, and processing mineral resources worldwide. As one of the top mining stocks in the world, the company has extensive interests in the uranium space as well. On September 13, the stock of Rio Tinto rose 1.5% in premarket trading after the firm signed a Memorandum of Understanding with Volvo to work together to decarbonize one another’s operations.
On December 8, Morgan Stanley analyst Alain Gabriel maintained an Equal Weight rating on Rio Tinto Group (NYSE:RIO) stock and lowered the price target to 5,700 GBP from 6,040 GBP.
At the end of the third quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $1.7 billion in Rio Tinto Group (NYSE:RIO), compared to 24 in the preceding quarter worth $1.7 billion.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Rio Tinto Group (NYSE:RIO) with 14.2 million shares worth more than $779 million.
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.”
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