The latest trading session saw Cameco (CCJ) ending at $41.83, denoting a -1.88% adjustment from its last day's close. This change was narrower than the S&P 500's 1.97% loss on the day. At the same time, the Dow lost 1.69%, and the tech-heavy Nasdaq lost 2.7%.
The uranium producer's stock has dropped by 1.95% in the past month, falling short of the Basic Materials sector's gain of 2.29% and outpacing the S&P 500's loss of 2.79%.
Market participants will be closely following the financial results of Cameco in its upcoming release. The company is expected to report EPS of $0.26, up 160% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.03 per share and a revenue of $2.54 billion, indicating changes of +110.2% and +11.24%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Cameco. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 15.43% downward. As of now, Cameco holds a Zacks Rank of #3 (Hold).
Looking at valuation, Cameco is presently trading at a Forward P/E ratio of 41.52. This denotes a premium relative to the industry's average Forward P/E of 14.01.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 157, finds itself in the bottom 38% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cameco Corporation (CCJ): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
