Why Cameco Stock Soared on Wednesday
Shares of Canada-based uranium miner (NYSE: CCJ) generated rock-solid total returns (including dividends) of 186% on the Toronto Stock Exchange (TSX) in the three years through June 30. Thanks to its strong performance, Cameco Stock made it to the TSX30 2024 list, released yesterday. TSX30 is an annual list of the top 30-performing stocks on the stock exchange over a three-year period based on their dividend-adjusted prices.
Cameco stock rode the wave of surging uranium prices during the period. With prices cooling off this year, the stock has also plunged double digits in 2024. Cameco stock, however, clocked meaningful gains today, surging 6.8% at its highest point in trading through 1:50 p.m. ET Wednesday in anticipation of a potential move from Russia that could help uranium prices rebound.
In a meeting today, Russian president Vladimir Putin asked the government to consider limiting the export of key commodities like uranium, nickel, and titanium in retaliation for sanctions imposed on it by the U.S.
Source Fool.com
Cameco Corp. Stock
With 11 Buy predictions and not the single Sell prediction the community is currently very high on Cameco Corp..
As a result the target price of 56 € shows a very positive potential of 52.17% compared to the current price of 36.8 € for Cameco Corp..
