Why Cameco Stock Is Glowing Green Today
Shares of Canadian nuclear fuel producer Cameco (NYSE: CCJ) were up 6.1% through 11:45 a.m. ET on Friday, helped by a decision by the U.S. government.
As Bloomberg reported yesterday, the government wants to buy $3.4 billion worth of nuclear reactor fuel and is soliciting bids from uranium miners. Cameco, the biggest publicly-traded pure play on uranium production, is a logical beneficiary.
In 2022, 24% of America's uranium fuel came from a less-than-optimal source: the Russian Federation. That was cut in half last year, but if you factor in uranium supplied from Russia's next-door neighbors -- Kazakhstan and Uzbekistan -- the U.S. still gets nearly half its uranium from sources that could be cut off at an inconvenient time.
Source Fool.com
Cameco Corp. Stock
Cameco Corp. is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
With a target price of 57 € there is a positive potential of 49.72% for Cameco Corp. compared to the current price of 38.07 €.
