Core Insights - Cameco Corporation (CCJ) has experienced a significant stock surge of 98.7% over the past year, outperforming the Zacks Mining - Miscellaneous industry growth of 41% and the Basic Materials sector's 32.8% increase, while the S&P 500 rose by 18.9% [1][4]. Financial Performance - In Q3 2025, Cameco reported total revenues of CAD 615 million ($446 million), a decline of 14.7% year-over-year, attributed to lower volumes across both uranium and fuel services segments [7]. - The company achieved a 2% increase in uranium production to 4.4 million pounds, with production from Cigar Lake rising by 47% year-over-year to 2.2 million pounds, while production from McArthur River/Key Lake fell by 21% to 2.2 million pounds [7]. - Uranium sales volume decreased by 16% year-over-year to 6.1 million pounds, leading to a 12.8% drop in uranium revenues to CAD 523 million ($379 million) despite a 4% increase in average realized prices [8]. - Fuel services production fell by 3% to 3.1 million kgUs, with sales volume plunging 46% to 1.9 million kgUs, resulting in a 24% revenue drop to CAD 91 million ($66 million) [9]. - Adjusted earnings rose by 17% year-over-year to five cents per share in Q3 [9]. Production Outlook - Cameco has narrowed its 2025 uranium deliveries target to 32-34 million pounds from a previous range of 31-34 million pounds, projecting uranium revenues of CAD 2.8-3.0 billion based on an average realized price of $87.00 per pound [15]. - The company maintains its expected share of production from the Cigar Lake mine at 9.8 million pounds, while the McArthur River mine's production outlook has been revised to 9.8-10.5 million pounds due to development delays [13][14]. Valuation and Market Position - CCJ's stock is currently trading at a forward price-to-sales ratio of 17.92, significantly higher than the industry average of 1.44, indicating a stretched valuation [20]. - Despite this premium valuation, Cameco's stock is trading lower than Energy Fuels, which has a forward price-to-sales ratio of 41.11, while Centrus Energy is at 11.13 [21]. Strategic Partnerships and Future Growth - Cameco is well-positioned to benefit from the growing demand for nuclear energy, supported by geopolitical events and energy security concerns [22]. - The company is extending the mine life of Cigar Lake to 2036 and ramping up output at McArthur River/Key Lake towards its licensed annual capacity of 25 million pounds [23]. - A strategic partnership with Brookfield and the U.S. government aims to accelerate the deployment of nuclear reactor technologies, with an aggregate investment of at least $80 billion expected to create significant growth opportunities [25].

President Trump says that he wants to resume nuclear weapons testing after more than a 30-year pause. Joining us right now is retired US Navy Admiral James Cus former NATO Supreme Allied Commander and now global affairs vice chairman at Carile Group and a board chair with the Rockefeller Foundation. His latest book, The Restless Wave, is now out in paperback.Good morning to you, sir. Help us understand what's going on here. And you know, we were talking about it just yesterday, the timing of all of this in ...

I think we want to put these big outsized moves for these different companies in in perspective. Um, do you see this as speculative or is this the time to invest in these kind of stocks because according to our notes here, you don't really see any of these reactors being up and running until 2027. Well, look, uh, Frank, it's going to take a long time to build them.But what we've seen from the Trump administration is an incredibly dynamic push towards nuclear, and we need it based on everything that's happen ...

Core Insights - Cameco Corporation (CCJ) is set to report its second-quarter 2025 results on July 31, with projected revenues of $630.7 million, reflecting a 44.3% year-over-year growth, and earnings per share (EPS) estimated at 36 cents, indicating a 260% increase from the previous year [1][4]. Financial Performance - The Zacks Consensus Estimate for Cameco's second-quarter revenues is $630.7 million, which is a 44.3% increase from the same quarter last year [1]. - The consensus estimate for earnings per share is 36 cents, showing a significant improvement of 260% from the prior year's figure of 10% [1]. - Over the past 60 days, the earnings estimate has increased by 50% [1]. Earnings Surprise History - In the last four quarters, Cameco's earnings missed the Zacks Consensus Estimate three times and exceeded it once, with an average negative earnings surprise of 48.50% [2][3]. Production and Sales Outlook - Cameco's uranium production is expected to be supported by its stakes in high-grade uranium mines, including a 69.8% stake in the McArthur River mine and an 83% stake in the Key Lake mill [7]. - The company anticipates uranium sales between 31 million and 34 million pounds in 2025, slightly down from 33.6 million pounds sold in the previous year [8]. - During Q1 2025, Cameco's share of uranium production reached 6 million pounds, a 3% year-over-year increase, with Q2 production expected to exceed 6.2 million pounds from the same period last year [9]. Cost and Pricing Factors - Uranium prices have faced pressure this year, averaging $72.59 per pound in Q2, down 17% year-over-year, but Cameco's revenues may benefit from fixed-price contracts [11]. - The average unit cost of production at McArthur River/Key Lake is expected to be higher, while costs at Cigar Lake are projected to decrease due to increased production [12]. Strategic Developments - Cameco's 49% stake in Westinghouse Electric Company is expected to contribute an additional $170 million to Q2 adjusted EBITDA, linked to Westinghouse's nuclear reactor construction projects [14]. - The company is actively working to lower administration, exploration, and operating costs, which may help mitigate the impact of rising costs on earnings [13]. Market Performance - Cameco shares have appreciated 75.3% over the past three months, significantly outperforming the industry average of 5.5% [16]. - The stock is currently trading at a forward price-to-sales ratio of 13.31, higher than the industry average of 1.24 and above its five-year median of 6.60 [18]. Industry Context - Geopolitical events and a global focus on climate change are creating favorable conditions for the nuclear power industry, with Cameco accounting for 16% of global uranium production in 2024 [20]. - Despite a strong balance sheet and investments to boost capacity, the current decline in uranium prices and changes to the Mineral Extraction Tax in Kazakhstan may impact earnings [21][23].