Uranium Energy (UEC) Reaches Fresh High on Uranium Boom

We recently published All-Time High Fever: 10 Stocks Soaring and Breaking Records. Uranium Energy Corp. (NYSEAmerican:UEC) is one of the best performers in last week’s trading.

Uranium Energy ended two straight days of losses on Monday, jumping to a new all-time high as investors loaded portfolios in uranium companies amid rosy prospects for the sector.

At intra-day trading, Uranium Energy Corp. (NYSEAmerican:UEC) soared to its highest 52-week price of $13.25 before paring gains to end the day just up by 10.95 percent at $13.17 apiece.

This followed Energy Secretary Chris Wright’s comments that the US should look to boost its strategic uranium reserve to buffer against Russia and ramp up nuclear power generation.

In an interview with Bloomberg, Wright said that the country hopes “to see rapid growth in uranium consumption in the US from both large reactors and small modular reactors.”

“The size of that right buffer would grow with time. We need a lot of domestic uranium and enrichment capacity,” he added.

Investors were quick to snap up shares in uranium companies on expectations that key players would aggressively expand to support government plans.

In other news, Uranium Energy Corp. (NYSEAmerican:UEC) launched a new subsidiary to pursue the development of a new state-of-the-art American uranium refining and conversion facility.

Uranium Energy Corp. (NYSEAmerican:UEC) President and CEO Amir Adnani said that the company is positioning itself as the only vertically integrated US firm with uranium mining, processing, refining, and conversion capabilities to provide a secure, geopolitically reliable source of Uranium Hexafluoride for nuclear reactors.

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Disclosure: None. This article is originally published at Insider Monkey.