Scotiabank Has Bearish Forecast for Cameco FY2024 Earnings

Cameco Co. (TSE:CCO) (NYSE:CCJ) – Analysts at Scotiabank lowered their FY2024 earnings per share estimates for shares of Cameco in a note issued to investors on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now forecasts that the company will post earnings of $0.58 per share for the year, down from their prior forecast of $0.77. Scotiabank also issued estimates for Cameco’s FY2025 earnings at $1.18 EPS and FY2026 earnings at $1.54 EPS.

CCO has been the subject of several other reports. Janney Montgomery Scott raised shares of Cameco to a “strong-buy” rating in a report on Friday, October 4th. National Bankshares boosted their price objective on Cameco from C$85.00 to C$87.00 in a report on Friday, November 8th. Eight Capital raised their target price on shares of Cameco from C$80.00 to C$90.00 in a research note on Friday, November 8th. Raymond James increased their price target on shares of Cameco from C$81.00 to C$88.00 in a report on Friday, November 22nd. Finally, Royal Bank of Canada upped their target price on shares of Cameco from C$75.00 to C$90.00 in a research report on Thursday, November 21st. Six equities research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$84.30.

Cameco Price Performance

CCO stock opened at C$70.24 on Monday. The firm has a 50 day moving average of C$77.56 and a 200-day moving average of C$68.37. The firm has a market capitalization of C$30.57 billion, a P/E ratio of 119.05, a price-to-earnings-growth ratio of 2.22 and a beta of 0.90. Cameco has a 12 month low of C$48.71 and a 12 month high of C$88.18. The company has a current ratio of 3.22, a quick ratio of 3.74 and a debt-to-equity ratio of 25.39.

Insider Activity

In other Cameco news, Senior Officer Lisa Lorene Aitken sold 2,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of C$75.19, for a total value of C$150,380.00. Also, Senior Officer Tim Scott Gitzel sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of C$85.66, for a total value of C$4,283,000.00. Over the last three months, insiders have sold 80,962 shares of company stock valued at $6,800,456. 0.15% of the stock is currently owned by insiders.

Cameco Increases Dividend

The firm also recently declared an annual dividend, which was paid on Friday, December 13th. Shareholders of record on Wednesday, November 27th were given a dividend of $0.16 per share. This represents a yield of 0.22%. This is a positive change from Cameco’s previous annual dividend of $0.12. The ex-dividend date of this dividend was Wednesday, November 27th. Cameco’s dividend payout ratio is presently 20.34%.

Cameco Company Profile

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.