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Nuclear stocks have gone nuclear.
At the moment, more than 80 global companies are developing nuclear reactors, especially with growing demand for nuclear energy.
Plus, President Donald Trump wants to quadruple nuclear power by 2050, according to BMO Capital Markets.
Plus, according to an order from U.S. Secretary of Energy Chris Wright, “The long-awaited American nuclear renaissance must launch during President Trump’s administration. As global energy demand continues to grow, America must lead the commercialization of affordable and abundant nuclear energy. As such, the Department will work diligently and creatively to enable the rapid deployment and export of next-generation nuclear technology.”
We also have to remember that nuclear energy could be used to fuel energy-intensive demands of data centers and artificial intelligence.
“Last year, both AWS and Microsoft signed agreements to offtake power from nuclear power stations. Meta launched a request for proposals to identify potential nuclear energy developers to support 1.4GW of new nuclear generation capacity across the US. Data center operators have also backed small modular reactor (SMR) technology,” added Data Center Dynamics.
That being said, investors may want to consider stocks such as:
NexGen Energy (SYM: NXE)
NexGen Energy, a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes significant discoveries such as Arrow and South Arrow.
Fueling momentum, the company just secured a new uranium offtake contract with a major U.S based utility company for the delivery of a million pounds per year of uranium for five years.
Cameco (SYM: CCJ)
Since bottoming out at around $37 in April, Cameco is now up to $94.96. And there’s still plenty of upside remaining.
Over the last few weeks, analysts at Bank of America and BMO Capital raised their price targets. Most recently, CLSA analysts just initiated coverage of CCJ with an outperform rating with a price target of $102 per share.
The firm added that the firm, which is already “well-positioned with substantial high-quality assets and market share across the nuclear fuel cycle, could ‘give customers a one-stop shop for the entire nuclear value chain’ from mine to reactor, making it ‘the most comprehensive play for the nuclear rejuvenation theme,’” as quoted by Tip Ranks.
Global X Uranium ETF (SYM: URA)
With an expense ratio of 0.69%, the oversold Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries, holds about 50 related uranium stocks.
That includes Cameco, NexGen Energy, Uranium Energy, Paladin Energy, Denison Mines, and NuScale Power to name a few.
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Written by Ian Cooper