Sep. 23, 2014, 10:29 AM
- Cameco (CCJ -0.6%) is downgraded to Neutral from Buy with a $21 price target, down from $26, at BofA/Merrill as the firm's commodities team lowers its 2015-17 uranium price forecast due to slower than expected Japanese reactor restarts and unwavering supply.
- BofA continues to view CCJ as the go-to equity in the uranium industry, but Japan nuclear restarts, which the firm had viewed as the most likely near-term catalyst, continues be delayed due to lack of public support.
- The firm expects CCJ shares to remain range-bound, given limited upside on uranium spot/term prices near and medium term.
- ETFs: URA, NLR, NUCL.
Sep. 12, 2014, 2:21 PM| Comment!
Aug. 28, 2014, 5:41 PM
- Uranium prices jumped the most in at least two and a half years after Cameco (NYSE:CCJ) moved to temporarily shut its McArthur River mine amid a labor dispute.
- McArthur River has the capacity to produce 18M lbs/year of uranium, or ~10% of global demand, according to Bank of Montreal analysts, and was the world’s largest uranium mine by production last year.
- Uranium prices are still only about half their levels just before the March 2011 earthquake and tsunami that led to the meltdown of three Japanese reactors and the suspension of the country’s nuclear power plants.
- ETFs: URA, NLR, NUCL
Aug. 27, 2014, 11:39 AM
- Cameco (CCJ -2.3%) says it has started shutting down operations at its McArthur River uranium mine and Key Lake mill in Saskatchewan after the union representing workers at those operations issued a strike notice.
- The United Steelworkers union advised CCJ of its intention to begin strike action on Aug. 30, and CCJ says it then issued a lockout notice to ensure a safe and orderly shutdown of its facilities.
- CCJ does not expect any labor disruption to its 2014 uranium delivery commitments, but says it may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.
Aug. 21, 2014, 1:58 PM
- Cameco (CCJ -4.9%) slumps nearly 5% after Cowen analysts downgrade the stock to Market Perform from Outperform with a $20 price target, lowered from $25, as the firm anticipates an extended malaise in uranium pricing.
- Cowen reassesses its uranium market outlook and expect that a meaningful recovery in pricing will not surface until 2017; despite strong long-term fundamentals, expectation for a recovery is more distant as a result of Japan's painfully slow restart process and ample global supply.
Jul. 31, 2014, 8:35 AM
Jul. 30, 2014, 5:30 PM
- AAWW, ABMD, ACIW, ACOR, ADP, AGI, ALKS, ALU, AMRC, APA, ASEI, ATK, AVP, AYR, AZN, BDX, BG, BGCP, BKCC, BLL, BUD, BWA, BZH, CCJ, CDW, CEVA, CHTR, CI, CL, CME, CNSL, COMM, COP, COT, CRCM, CRR, CTCM, CVI, CVRR, DDD, DISCA, DLPH, DTV, ENDP, EPD, EXC, FCH, FCN, FIG, FLY, FRM, GEL, GG, GIL, GLOP, GMT, GNRC, GTLS, H, HGG, HL, HP, HST, IDA, IMN, INCY, IRDM, IRM, ITT, IVZ, K, KMT, LKQ, LLL, LM, MA, MCK, MD, MDP, MNTA, MOD, MOS, MPC, MPLX, MSCI, MTOR, MWIV, NGD, NI, NJR, NWL, OAK, OCN, ODFL, OXY, PCG, PCRX, PES, PNR, PNW, PPL, PRFT, PWR, Q, RFP, RYL, SBH, SC, SCG, SFY, SHOO, SNAK, SNMX, STC, STRA, STRZA, SUP, SWC, TE, TEVA, TKR, TRP, TWC, UAN, UPL, USAK, VG, VICL, VNTV, VRX, WLT, WWE, XEL, XOM, XRAY
Jul. 16, 2014, 11:52 AM
- Uranium miner Cameco (CCJ +1.7%) is higher despite reporting that ore from its Cigar Lake mine in Saskatchewan would not be milled until early 2015 instead of before the end of 2014, due to problems freezing the ground.
- CCJ freezes the mine's ore zone and surrounding ground to prevent water from flooding production areas, but it says freezing has not advanced as quickly as expected.
- Uranium/nuclear names are broadly higher after two of Japan's nuclear reactors received clearance to re-start: USU +8.2%, DNN +3.3%, URG +3.2%, URRE +1.6%, BWC +1%, URS +0.3%, LTBR flat.
Jul. 16, 2014, 8:35 AM
- Japan's nuclear watchdog gives safety clearance for the restarting of two nuclear reactors in southern Japan, recognizing their compliance with stricter regulations created after the 2011 Fukushima nuclear accident.
- The move is seen as unlikely to lower prices for liquefied natural gas because the country’s 46 other units are unlikely to resume this year; North Asia LNG prices have rallied 54% since Japan shut nuclear plants and boosted gas purchases for power generation after the Fukushima disaster.
- Related nuclear tickers: NLR, CCJ, URA, BWC, SHAW, URS, FLR, LTBR, URG, UEC, URRE, USU, DNN
Jun. 5, 2014, 10:54 AM
- RBC cuts its outlook for uranium prices over the next several years as it concludes the market will remain in surplus through 2020.
- RBC believes Japanese reactor restarts could result in a recovery in uranium prices to $40/lb. in late 2014 or early 2015, but thinks the price is likely to be capped at that level until the market begins to tighten; the firm predicts only four Japanese reactors will restart this year with 28 - slightly more than half the current fleet - eventually restarting.
- Spot prices recently dropped below $30 as supply remains well ahead of demand since the Fukushima disaster.
- RBC cuts its price target for industry leader Cameco (CCJ -2.5%), seeing shares rangebound between $18-$27.
- URZ -3.3%, UUUU -2.5%, URRE -1.5%, UEC -1.1%, USU -0.9%, DNN flat, URG flat.
- ETFs: URA, NLR, NUCL.
May. 16, 2014, 5:30 PM
- Uranium prices have dropped to eight-year lows, with delays in restarting Japan's nuclear reactors prolonging a uranium supply glut, Bloomberg reports.
- Uranium dropped to $29/lb. on May 2, the lowest since June 2005 and extending this year’s drop to 16%; UBS has reduced its 2014 price forecast by 9% to $39/lb., and Credit Suisse cut its projection by 7% to $38.80.
- Japanese restarts are the key catalyst to get utilities to resume long-term contracting, which should support prices, Raymond James analyst David Sadowski says, cutting his 2014 price forecast by 14% to $36.
- "The next 18 months we see as being a very difficult period for the market," Cameco CEO Tim Gitzel says in the report.
- ETFs: URA, NLR, NUCL.
- Companies: CCJ, DNN, USU, URRE, UEC, URG.
Apr. 29, 2014, 8:35 AM
Apr. 28, 2014, 5:30 PM
- ABB, AGCO, AIXG, ALR, AMG, ARRY, AXE, BMY, BP, BSX, CARB, CCJ, CHKP, CIT, CMI, CNX, COH, CPLA, CRY, DBD, DDD, DORM, ESV, ETN, FDP, FLWS, FRX, GAS, GEO, GLT, GT, GTLS, HCA, HCBK, HRS, HUN, HW, IPGP, IRWD, KLIC, LG, LKQ, LRN, LYB, MGI, MGLN, MGM, MHFI, MLM, MRK, NMM, NOK, OSK, PCAR, PES, PH, POR, RESI, ROK, RTRX, RYN, S, SAVE, SCOR, SLAB, ST, TRW, UBSI, UDR, UTHR, VAC, VLO, WAT, WDR, WRLD, WWW, XYL.
Apr. 11, 2014, 4:53 AM
- Japan's Cabinet has approved an unpopular plan to reinstate nuclear energy as an important source of electricity, although there are doubts about how big a role atomic power will be able to play.
- Japan may have to leave up to two-thirds of its 48 idled nuclear reactors closed, a Reuters analysis shows, due to the high cost of upgrades, local opposition or seismic risks.
- The country's nuclear plants were shut following the Fukushima disaster over three years ago, which has caused the country to significantly increase its energy imports. That has acted as a drag on GDP and prompted fears that Japan could suffer from a permanent current-account surplus which could undermine confidence in its massive debt.
- Relevant tickers: DNN, CCJ, USU, URRE, UEC, URG
- Japan ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, ITF, JPNL, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, URA
- Nuclear ETFs: URA, NLR, NUCL
Apr. 5, 2014, 8:25 AM
- Bloomberg discusses the chances of the next nuclear accident, arguing it is a crisis waiting to happen and could be in a country with little experience to deal with it.
- While atomic power has fallen from favor in some western European countries since the Fukushima accident in Japan - Germany, for example, is shutting all its nuclear plants - it’s gaining more traction in Asia as an alternative to coal; of the 176 reactors planned worldwide, 86 are in nations that had no nuclear plants 20 years ago.
- If nuclear is to remain a part of the world’s energy supply, the industry must come up with solutions to make sure contamination - and other consequences, including financial - don't spread beyond station grounds, former NRC boss Gregory Jaczko says.
- Gregor Macdonald believes nuclear has no future, adding the extinction level event bearing down on global nuclear power is the rise of solar.
- Nuclear names: URA, NLR, NUCL, CCJ, DNN, USU, URRE, UEC, URG
Mar. 25, 2014, 5:55 PM
- Cameco (CCJ) has climbed nearly 10% in five weeks, but BMO analyst Edward Sterck doesn't see more upside ahead and downgrades shares to Market Perform from Outperform; he says the stock is priced at a uranium price of $48-$65/lb., far above the current mid-$30s where it has been mired for months.
- On the other hand, Sterck is optimistic about uranium, and notes CCJ's stock price usually moves in advance of the uranium price, "which could provide a further indication that that an increase in the uranium price may be imminent."
- ETFs: URA, NLR, NUCL.
CCJ vs. ETF Alternatives
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.
Other News & PR