Kazakhstan's Uranium Supply Peak Approaches
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy CCJ?
Source: Benzinga
- Structural Supply Shock: Kazakhstan has historically supplied about 40% of global uranium, but its major mines are nearing peak output, with production expected to decline sharply over the next two decades, leading to a structural supply shock that will impact global uranium prices.
- Rising Demand Context: As governments revive nuclear energy for energy security, grid stability, and carbon reduction, particularly to power AI data centers, the demand for uranium is quietly increasing, exacerbating the supply tightness in the market.
- Cameco's Scale Advantage: Cameco possesses significant scale and strength in the nuclear fuel cycle, with tier-one assets in Canada's Athabasca Basin and long-term contracts that provide a competitive edge in a rising-price environment, positioning it as a strategic fuel supplier.
- Energy Fuels' M&A Optionality: As the leading U.S. uranium producer, Energy Fuels is not only generating yellowcake but also expanding into critical minerals, with a proposed $299 million acquisition of Australian Strategic Materials aimed at strengthening its balance sheet and diversifying its operations, enhancing its market competitiveness.
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Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to fall
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 116.390
Low
71.80
Averages
105.67
High
118.78
Current: 116.390
Low
71.80
Averages
105.67
High
118.78
About CCJ
Cameco Corporation is a provider of uranium fuel to generate baseload electricity around the globe. Its segments include uranium, fuel services and Westinghouse. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects its earnings from this equity-accounted investment. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. It also has ownership interests in Global Laser Enrichment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Private Placement Announcement: The company is initiating a non-brokered private placement of up to $3 million, selling 12 million flow-through shares, with proceeds earmarked for exploration activities at the Loki Deposit, thereby enhancing resource development efforts.
- Resource Potential: The Loki Deposit boasts an inferred resource of 11.31 million tonnes at 7.65% carbon content, indicating strong competitiveness in the graphite market and potentially attracting increased investor interest.
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- Live Webcast Access: Investors can access the live webcast through Cameco's events and presentations page on its website, ensuring transparent information dissemination and real-time interaction with management.
- Dial-in Participation: Participants can join the call by dialing 1-833-821-3311 for US access or +1-647-846-2607 for international callers, facilitating global investor engagement and access to the latest financial updates.
- Replay Information: After the call, a replay can be accessed by dialing 1-855-669-9658 for US or +1-412-317-0088 for international, using access code 6136870, ensuring that investors who missed the live event can still obtain key information.
See More
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- Revenue Growth: The company reported Q4 revenue of C$1.2 billion, a 1.7% year-over-year increase, exceeding forecasts by C$110 million, demonstrating sustained demand and stable market share in the nuclear sector.
- Rating Downgrade: Despite strong earnings, analysts downgraded Cameco's rating from 'Buy and Hold' to 'Buy the Dips and Sell the Rallies', reflecting concerns over valuation that may impact investor confidence.
- Market Outlook: While facing valuation pressures, Cameco is still viewed as a key player in the nuclear industry, potentially benefiting from the long-term trends of clean energy transition based on its high-quality business foundation.
See More
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- Strong Financial Performance: Cameco reported Q4 2025 revenue of $1.201 billion, a 1.5% increase from 2024, with annual revenue reaching $3.482 billion, up 10.5%, showcasing robust contributions from its uranium and Westinghouse segments, thereby reinforcing its market position.
- Significant Net Earnings Growth: The company achieved net earnings of $199 million for 2025, an increase of $64 million from 2024, with adjusted net earnings rising to $217 million, reflecting successful implementation of a long-term supply strategy in a stable demand environment.
- Increased Returns from Westinghouse Investment: Westinghouse's adjusted EBITDA grew by 30% year-over-year to $121 million, and Cameco received $350 million in cash distributions from Westinghouse, highlighting its stable role and investment value in the global nuclear market.
- Optimistic Future Outlook: Cameco anticipates continued growth in nuclear energy demand, particularly in the context of electrification and energy security, and plans to leverage its strong asset portfolio and flexible supply strategy to enhance long-term shareholder value.
See More
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- Earnings Release Announcement: Cameco Corporation is set to release its fourth-quarter earnings before the market opens on February 13, with analysts expecting earnings of 28 cents per share and revenue of $692.04 million, indicating significant market interest in its performance.
- Disappointing Q3 Results: On November 5, Cameco reported disappointing third-quarter earnings, leading to a 2.3% decline in its stock price to close at $116.39 on Thursday, reflecting investor concerns about the company's future performance.
- Analyst Rating Updates: Benzinga provides the latest analyst ratings, allowing investors to sort by stock ticker, company name, analyst firm, and rating changes, which aids in making more informed investment decisions.
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See More
