Jim Cramer’s Latest Lightning Round: 12 Stocks to Watch

9. Uranium Energy Corp. (NYSE:UEC)

Number of Hedge Fund Holders: 28

Cramer likes Uranium Energy Corp. (NYSE:UEC) and added:

“Yeah, UEC’s the real deal. You gotta double it, doesn’t matter, it’s going higher. We need more uranium I think it’s a great situation, I recommend it to all my friends… I think it’s terrific.”

Uranium Energy (NYSE:UEC) is actively engaged in the exploration, extraction, and processing of uranium and titanium concentrates across the United States, Canada, and Paraguay. In its Annual Report on Form 10-K for the fiscal year ending July 31, 2024, the company highlighted the successful startup of uranium production at the Christensen Ranch in-situ recovery operations and the Irigaray Central Processing Plant in Wyoming’s Powder River Basin.

It is a milestone as it shows the company’s capabilities in resuming operations at previously producing sites. Additionally, the company reported a total of 230 million pounds of U3O8 in the Measured and Indicated categories and 102.7 million pounds in the Inferred category across all projects, which solidifies its position as one of the largest and most diversified uranium companies focused on North America.

As of July 31, 2024, Uranium Energy (NYSE:UEC) maintained a substantial inventory of over 1.466 million pounds of U3O8, valued at approximately $125.3 million based on current market prices. Furthermore, the company is set to receive an additional 700,000 pounds of U3O8 at an average cost of $38.20 per pound, expected through December 2025. It reported around $331.5 million in cash, equity holdings, and inventory at market prices, all while carrying no debt.

An important highlight for the company was the landmark agreement with Rio Tinto America Inc., which involved the acquisition of 100% ownership of the Sweetwater Plant along with a portfolio of uranium mining projects in Wyoming. The acquisition marks the establishment of a third U.S. hub-and-spoke in-situ recovery production platform within the company’s dedicated uranium operations.