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Cameco Corporation (CCJ)

- NYSE
  • Tue, May 26, 12:49 PM
    • China's government is said to be on the hunt for uranium acquisitions with large deposits and low costs, and Cantor Fitzgerald analyst Rob Chang says four projects in Canada could meet its criteria.
    • Chang's deposits with the potential to attract immediate Chinese interest are Rio Tinto's (NYSE:RIO) Roughrider, Cameco's (NYSE:CCJ) Millennium, Fission Uranium's (OTCQX:FCUUF) Patterson Lake South and UEX's (OTCPK:UEXCF) Shea Creek; Denison Mines' (NYSEMKT:DNN) Wheeler River project could get attention for the long term.
    • China National Nuclear Power Corp. is expected to raise as much as $2.16B in what is set to be China’s largest domestic IPO in five years.
    | 8 Comments
  • Thu, Apr. 30, 5:20 PM
    • Cameco (NYSE:CCJ) is upgraded to Outperform from Market Perform with a $28 price target, raised from $22, at Raymond James, which says CCJ's Cigar Lake uranium project appears to have turned the corner.
    • Along with the mostly priced-in nature of CCJ's tax dispute and an improving macro uranium environment, the firm believes the market is poised for a market re-rating over the next 6-12 months, as Cigar Lake - once a major risk factor - is ramping up well and makes CCJ's growth guidance more realistic.
    • Increased exposure to spot prices through CCJ's recent supply agreement with India "further adds leverage to this potential upswing," the firm says.
    | Comment!
  • Wed, Apr. 29, 3:22 PM
    • Cameco (CCJ +0.1%) inches higher despite missing estimates for Q1 earnings and revenues, as it revises its FY 2015 revenue expectations to a 5% Y/Y gain due to a weak Canadian dollar from its earlier outlook for a 5% decline.
    • CCJ also raises its capital budget for the year by 9.5% to C$405M, mostly due to higher spending at the McArthur River-Key Lake uranium operation and Areva's McClean Lake mill.
    • The McClean mill is being ramped up to handle output from the Cigar Lake mine, which is expected to produce 6M-8M lbs. of uranium in 2015, half of it attributable to CCJ.
    • CCJ's total Q1 production volumes fell 10.5% to 5.1M lbs., while the average cost of sales rose 9.5% to C$36.47/lb.
    • CCJ also says its recent deal with India provides for the sale of 7.1M lbs. of uranium concentrate through 2020 in a market that has until now been closed to the company.
    | Comment!
  • Wed, Apr. 29, 8:50 AM
    • Cameco (NYSE:CCJ): Q1 EPS of $0.18 misses by $0.04.
    • Revenue of $566M (+35.1% Y/Y) misses by $11.54M.
    • Shares -1.3% PM.
    • Press Release
    | Comment!
  • Tue, Apr. 28, 5:30 PM
  • Wed, Apr. 22, 12:30 PM
    • Uranium names are showing notable strength today following yesterday's ruling in Japan that will allow the Sendai nuclear plant to reopen, which would be the first plant to be reopened since the Fukushima disaster: CCJ +6.8%, DNN +5.6%, LEU +10.3%, URRE +4.5%, UEC +5%, URZ +2.6%, URG +1%, UUUU +1.7%.
    • The news is positive for the nuclear industry to the extent that authorities in Japan have not given up on the energy source despite Fukushima.
    • China is pushing for more nuclear power, with the government reportedly approving eight new nuclear power projects.
    • A MarketWatch article paints a bright picture of the nuclear industry, with uranium prices rising ~35% since last summer and improving public opinion; "China and India believe that the upside from the clean energy from nuclear far outweighs the downside risks of sticking to dirty coal,” says GoldStockTrades.com editorJeb Handwerger.
    • Last week, CCJ signed a deal with India to provide 7.1M lbs. of uranium concentrate over the next five years.
    • ETFs: URA, NLR
    | 12 Comments
  • Wed, Apr. 15, 11:12 AM
    • Cameco (CCJ +5.5%) confirms it has signed a supply agreement to provide 7.1M lbs. of uranium concentrate to Indian nuclear reactors under a long-term contract through 2020.
    • CCJ says the contract is its first with India, which is the world's second fastest growing market for nuclear fuel.
    • The agreement was announced on the second day of Indian Prime Minister Modi's official visit to Canada.
    • Earlier: Canadians oppose potential uranium deal as Indian PM Modi visits (Apr. 14)
    | 2 Comments
  • Tue, Apr. 14, 2:59 PM
    • With Indian Prime Minister Modi arriving in Canada, a new poll shows Canadians are 60% opposed to helping develop India’s nuclear energy industry.
    • Modi is set to meet with political and business leaders, with news of a possible agreement for India to buy uranium from Cameco (CCJ -1.6%) expected as soon as tomorrow in what would be the company's first deal with the country.
    • Saskatchewan Premier Brad Wall has lauded the possibility of a uranium deal and said it would boost CCJ's revenue and support jobs in the province.
    | 13 Comments
  • Mon, Apr. 13, 9:41 AM
    • BAML spots value in the struggling stock of Cameco (CCJ +2.1%), upgrading to Buy from Neutral.
    | Comment!
  • Fri, Apr. 10, 7:15 PM
    • Uranium producer Cameco (NYSE:CCJ) would reap a revenue windfall if a nuclear power sales agreement with India is finalized, Saskatchewan’s premier Brad Wall tells Bloomberg.
    • A long-term deal by CCJ to sell uranium to India reportedly could be announced as soon as next week when Indian Prime Minister Modi visits Canada.
    • CCJ is not saying if a deal is near, only that it has been meeting with Indian government officials and working towards a long-term supply agreement.
    | 2 Comments
  • Thu, Apr. 9, 11:15 AM
    • Cameco (CCJ +3.1%) is higher after Canaccord upgrades shares to Buy from Hold with a C$23 price target, up from C$20.
    • Canaccord notes that uniquely among commodities, CCJ did not reduce its Q2 uranium price forecast, and that the company will enjoy the full benefit of the reduced exchange rate between Canadian and U.S. dollars - even more crucial to CCJ’s financial forecasts than spot uranium prices, the firm says.
    • The ongoing Canadian Revenue Agency tax disputes remain the key valuation risk for CCJ, Canaccord says, but even adjusting for an assumption that CCJ loses all outstanding tax disputes, the firm sees bottom-of-cycle share price support at C$18-C$20 and mid-cycle share price support at C$17.
    | Comment!
  • Tue, Feb. 10, 11:26 AM
    • The IRS is demanding back taxes from Cameco (CCJ +2.3%), believing that the revenue reported by CCJ’s Swiss subsidiary is inadequate and that a portion should be taxed back in the U.S. at a much higher level.
    • The claim is similar to that made by the Canada Revenue Agency, which is trying to shift Cameco Europe’s revenue to Canada and apply a back taxes and penalties.
    • CCJ says it has done nothing wrong but that the amount of back taxes and transfer pricing penalties could amount to as much as C$1.5B plus other penalties if it loses the CRA dispute; the IRS demand is much smaller, as it seeks to collect US$32M it feels it was owed in 2009, and the agency is auditing tax returns from 2010-12.
    | Comment!
  • Mon, Feb. 9, 2:52 PM
    • Cameco (CCJ +2.6%) enjoys solid gains after Q4 earnings routed analyst expectations, as rising uranium prices and a drop in sales expenses helped fuel a 14% Y/Y increase in profit; revenue slipped 9% to C$889M but the result was well ahead of estimates.
    • CCJ’s full-year results of C$1.04/share were the lowest since 2006, but the company thinks it is the trough, as it foresees the Cigar Lake mine’s output of 340K lbs. grow to 18M by 2018.
    • Looking to FY 2015, CCJ projects revenue remaining little changed to falling as much as 5% compared with last year due to an expected decline in uranium and fuel service sales, which would indicate a range of C$2.27B-C$2.44B, trailing the analyst consensus expecting ~$2.5B.
    | 1 Comment
  • Sat, Feb. 7, 2:11 AM
    • Cameco (NYSE:CCJ): Q4 EPS of C$0.52 beats by C$0.25.
    • Revenue of C$889M (-9.0% Y/Y) beats by C$106.12M.
    • Press Release
    | 7 Comments
  • Thu, Feb. 5, 6:35 PM
    • Cameco (NYSE:CCJ) declares $0.10/share quarterly dividend, in line with previous.
    • Forward yield 2.62%
    • Payable April 15; for shareholders of record March 31; ex-div March 27.
    | Comment!
  • Thu, Feb. 5, 5:35 PM
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Company Description
Cameco Corp is engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.