Uranium names power higher following market leader Cameco's strong Q4

Fuel

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Shares of uranium companies scored big gains after Cameco (CCJ +14.8%) said it was raising its quarterly dividend by 50% and pledged "indefinite supply discipline" in limiting production at two of its key Canadian operations starting in 2024.

Riding Cameco's coattails in Wednesday's trading were Denison Mines (DNN +10.7%), NexGen Energy (NXE +9.8%), Energy Fuels (UUUU +9.4%), Centrus Energy (LEU +8.8%), Uranium Royalty (UROY +8.1%) and Ur-Energy (URG +5.6%).

ETF: URA

"We won't chase the market down to win business and we won't produce to dump uncommitted supply into a thinly traded spot market as we’ve seen some of our competitors do," Cameco CEO Tim Getzel said on the company's Q4 earnings conference call.

Gitzel pointed to a narrowing supply/demand gap and increased willingness for utilities to contract at higher prices.

Also, Uranium Energy (NYSE:UEC) closed +9.9% after it filed a technical report summary disclosing mineral resources at its Reno Creek project in Wyoming.

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