Why Cameco Stock Jumped Today After Earnings
The uranium stock may have just given investors a reason to stay bullish.
On a weak day for the S&P 500 index, shares of Cameco (NYSE: CCJ) were holding up, rallying 4.9% at their highest point in trading through 1 p.m. ET Thursday.
The uranium mining giant reported strong numbers for its fourth quarter and 2024 this morning. But more than the numbers, something management said about the nuclear energy markets appears to have caught investors' attention.
Although net earnings nearly halved in 2024, demand or sales weren't a concern. The uranium miner's revenue, in fact, shot up by 40% year over year in the fourth quarter and 21% in the full year, driven primarily by higher prices. Cameco's average realized price rose 17% to $58.34 per pound while its sales volumes grew 5% in 2024.
