Why Nuclear Energy Stock Cameco Jumped 22% in May
Shares of uranium giant (NYSE: CCJ) popped 21.7% in May, delivering their best month yet in 2024, according to data provided by S&P Global Market Intelligence. The stock hit a 52-week high on May 31.
Interestingly, Cameco stock fell sharply on the last day of April after reporting an 8% year-over-year drop in revenue and a large loss for the first quarter. But there's more to the nuclear energy stock's numbers than meets the eye. With the U.S. government also making a big move last month that should favor Cameco, investors didn't leave any chance to bet on the uranium stock.
In mid-May, President Joe Biden signed the Prohibiting Russian Uranium Imports Act into law, banning the import of uranium from Russia, effective Aug. 12.
Source Fool.com
Cameco Corp. Stock
We see a rather positive sentiment for Cameco Corp. with 9 Buy predictions and 1 Sell predictions.
With a target price of 56 € there is a positive potential of 34.53% for Cameco Corp. compared to the current price of 41.63 €.
