Cameco (CCJ) Dips More Than Broader Market: What You Should Know

Cameco (CCJ) closed the most recent trading day at $47.36, moving -0.53% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.

The uranium producer's stock has dropped by 5.61% in the past month, falling short of the Basic Materials sector's loss of 1.64% and the S&P 500's gain of 1.96%.

The investment community will be closely monitoring the performance of Cameco in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. The company's upcoming EPS is projected at $0.28, signifying a 2900% increase compared to the same quarter of the previous year.

Investors should also note any recent changes to analyst estimates for Cameco. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 18.84% lower. Currently, Cameco is carrying a Zacks Rank of #4 (Sell).

In terms of valuation, Cameco is presently being traded at a Forward P/E ratio of 42.51. For comparison, its industry has an average Forward P/E of 14.33, which means Cameco is trading at a premium to the group.

The Mining - Miscellaneous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 169, this industry ranks in the bottom 33% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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