Cameco Corp (USA) (NYSE:CCJ) currently trades at $10.74 which is about -4.70% lower than the 52-week high of $13.59. The trading volume at ready counter moved to 8.04M shares as compared to 4.63M shares average traded volume. The stock failed to get pushed above the $11.31 barrier, the intraday high, after opening at $11.28. Analysts have a consensus target price of $12.97 in the 12-month period. Its market capitalization has now reached to $3.76B.
Cameco Corp (USA) (NYSE:CCJ) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 2 have assigned a hold rating, Zero says it’s a buy and 1 has assigned a strong buy rating to the company.
Cameco Corp (USA) (CCJ) on November 2, 2016 reported its consolidated financial and operating results for the third quarter ended September 30, 2016 in accordance with International Financial Reporting Standards (IFRS).
“Uranium prices are at the lowest levels we’ve seen in over a decade, and that’s making for difficult times in our market” said president and CEO, Tim Gitzel. “However, the strength of our long-term contract portfolio continues to keep our average realized price well above the weak market price.
“While we can’t control the market, we’re not idly waiting for the recovery we see coming. We’ve flexed our production levels, we’ve optimized our contract portfolio, and we’ve identified efficiencies within our business to streamline and adapt the company to the current conditions. We’ve taken significant actions and we’re continuing to make the changes necessary to remain competitive in a depressed environment. We are confident that our strategy will help us effectively manage through these low times, while positioning the company to benefit as the market improves and additional uranium is required to meet demand over the long term.”
Net earnings attributable to equity holders this quarter were $142 million ($0.36 per share diluted) compared to net losses of $4 million (losses of $0.01 per share diluted) in the third quarter of 2015 due to:
- lower mark-to-market losses on foreign exchange derivatives compared to the third quarter of 2015
- gain from termination of long-term contracts
- higher gross profit from our uranium segment
partially offset by:
- lower foreign exchange gains
- lower gross profit from our NUKEM segment
- lower tax recovery.