In this article, we discuss the 5 uranium stocks popular on Reddit. If you want to read our detailed analysis of these stocks, go directly to the 13 Uranium Stocks Popular on Reddit.
5. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 14
Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development firm. In late September, the company announced that it would be advancing the Wheeler River, the largest undeveloped uranium project in the Athabasca Basin, to the feasibility study phase.
Denison Mines Corp. (NYSE:DNN) recently posted earnings for the third quarter, reporting earnings per share of C$0.04, beating estimates by $0.05. The revenue over the period was C$9.5 million, up 248% year-on-year.
At the end of the third quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $41 million in Denison Mines Corp. (NYSE:DNN), up from 13 in the preceding quarter worth $19 million.
4. BHP Group (NYSE:BHP)
Number of Hedge Fund Holders: 18
BHP Group (NYSE:BHP) is a natural resources firm that operates from Australia. The company has interests in the mining of several minerals, including uranium. In the last fiscal year, the firm produced nearly 3.3 million metric tons of uranium.
Bank of America analyst James Redfern has a Neutral rating on BHP Group (NYSE:BHP) stock with a price target of A$39. In an investor note in September, the analyst noted that the stock offered an attractive dividend yield and seemed fairly valued.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in BHP Group (NYSE:BHP) with 8.3 million shares worth more than $447 million.
In its Q1 2021 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and BHP Group (NYSE:BHP) was one of them. Here is what the fund said:
“Our purchase of Australian mining company BHP is an example of a quality company at a moderate valuation that should deliver attractive long-term returns. We believe the market has undervalued its enduring competitive advantage due to its low cost iron and copper mining operations which has allowed the company to deliver consistent profits and cash flows across the inevitable ups and downs of the global metals cycle. While the variability of commodity prices prevents BHP from scoring in the top ranks of measured quality, we are willing to bear some of that uncertainty in return for a more attractive valuation given the company’s strong business fundamentals.”
3. NexGen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 19
NexGen Energy Ltd. (NYSE:NXE) is a Canadian firm that develops uranium properties. The stock has returned more than 58% to investors year-to-date amid interest from the Redditor crowd and the increase in prices of uranium.
NexGen Energy Ltd. (NYSE:NXE) has a market cap of more than $2 billion and was founded in 2011. One of the premier projects of the firm is the Rook I that consists of 32 contiguous mineral claims on 35,065 hectares in the Athabasca Basin.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Falcon Edge Capital is a leading shareholder in NexGen Energy Ltd. (NYSE:NXE) with 3.8 million shares worth more than $18 million.
2. Rio Tinto Group (NYSE:RIO)
Number of Hedge Fund Holders: 20
Rio Tinto Group (NYSE: RIO) is a diversified metals and mining firm. The company is the largest continually operating uranium oxide producer in Australia. The stock has returned more than 6% to investors in the past month.
Morgan Stanley analyst Alain Gabriel recently upgraded Rio Tinto Group (NYSE:RIO) stock to Overweight from Equal Weight and raised the price target to A$110.50 from A$101, backing the shares to climb higher as housing demand improved and the Chinese economy recovered.
At the end of the third quarter of 2021, 20 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Rio Tinto Group (NYSE:RIO), compared to 21 in the preceding quarter worth $1.4 billion.
1. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 35
Cameco Corporation (NYSE:CCJ) produces and sells uranium. In earnings results for the third quarter, posted in late October, the company reported a revenue of $361 million, smashing analyst predictions by $21 million.
In early November, Bank of America analyst Lawson Winder upgraded Cameco Corporation (NYSE:CCJ) stock to Buy from Neutral and raised the price target to C$40 from C$36.25, noting that the firm could benefit from the role of nuclear energy in decreasing reliance on fossil fuels.
Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm Kopernik Global Investors is a leading shareholder in Cameco Corporation (NYSE:CCJ) with 8.9 million shares worth more than $194 million.
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