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.

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Source Fool.com