It’s time to buy and hold long-term uranium stocks, we said in late August.
For one, there’s substantial demand for nuclear power, with companies like Microsoft, Alphabet and Amazon betting big on the sector.
Microsoft, for example, recently signed a power purchase agreement with Constellation Energy. That’s because Microsoft needs extra power to run the servers at its Azure business unit, and thinks nuclear might be the best way to produce that power.
Alphabet and Amazon are looking to nuclear power for their data centers. Even Alphabet is partnering with Kairos Power to open small modular nuclear reactors.
With the sector just starting to heat up again, keep an eye on:
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| Company: Cameco (SYM: CCJ) When we mentioned Cameco (CCJ) on August 29, it traded at about $41. Today, it’s up to $57.61 and could push even higher. As noted by Cameco Chief Executive Officer Tim Gitzel, market tightness, mine depletion and underinvestment will keep uranium prices high. While recent earnings were nothing to write home about, analysts at RBC Capital say they would be buyers on weakness at the time. In its most recent quarter, Cameco’s adjusted earnings per share of 13 cents missed expectations of 26 cents. Its net loss of $7 million was also well below the $119 million profit recorded a year ago. |
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| Company: NexGen Energy (SYM: NXE) With NXE, it traded at about $6 on August 29. It’s now up to $8.50. If NexGen’s Rook 1 project sees Canadian approval, it could be one of the biggest uranium mines in the world. According to the company, “The proposed new underground mine and mill development is located in the uranium-rich district of the southwestern area of the Athabasca Basin; located in Saskatchewan – a premier mining jurisdiction.” In addition, according to NexGen’slatest investor presentation, it expects uranium demand to explode by 127% by 2030, and by 200% by 2040. On top of that, they argue the world could see a 240-million-pound deficit in 2040. |
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