Cameco Stock Price, News & Analysis

Cameco (CCJ) reported its 2024 financial results, showing strong performance across uranium and Westinghouse segments. Annual net earnings were $172 million, with adjusted net earnings of $292 million. The company generated $905 million in cash from operations, with adjusted EBITDA increasing by 73% to over $1.5 billion compared to 2023.

Key operational highlights include record uranium production at McArthur River/Key Lake of 20.3 million pounds, and total uranium deliveries of 33.6 million pounds at an average price of $79.70 per pound. The company's uranium contract portfolio now totals approximately 220 million pounds, with commitments to deliver an average of 28 million pounds annually from 2025 through 2029.

The company increased its annual dividend from $0.12 to $0.16 per share in 2024, with plans for further increases of at least $0.04 per share in both 2025 and 2026. Westinghouse contributed $483 million in adjusted EBITDA for the year, despite reporting a net loss of $218 million due to purchase accounting impacts.

Cameco (TSX: CCO; NYSE: CCJ) has announced that production has resumed at the Inkai operation, according to information received from their partner National Atomic Company Kazatomprom JSC and Joint Venture Inkai LLP. Cameco, which owns a 40% share in the joint venture, while Kazatomprom holds a 60% interest, is now collaborating with their partners to assess how the recent production suspension will affect the operation's 2025 production plans.

Cameco (TSX: CCO; NYSE: CCJ) announces support for the resolution of an intellectual property dispute between Westinghouse Electric Company and Korean companies KEPCO and KHNP. The settlement agreement establishes a framework for additional deployments benefiting all parties involved.

Tim Gitzel, Cameco's President and CEO, emphasized this as a positive outcome that will help bring world-leading reactor technology and related competencies to the global market. He highlighted that over 30 countries and 100 companies have pledged to triple nuclear capacity by 2050, demonstrating strong demand for nuclear power as a carbon-free, reliable baseload electricity source to achieve climate, energy, and national security objectives.

Cameco (TSX: CCO; NYSE: CCJ) has announced that Westinghouse Electric Company's President and CEO Patrick Fragman will step down from his position, effective March 31, 2025. Fragman, who has led Westinghouse since 2019, is departing to spend more time with his family in Europe.

In response to this transition, Dan Sumner, Westinghouse's former President of Operating Plant Services, has been appointed deputy CEO effective immediately and will serve as interim president and CEO starting April 1, 2025. A recruitment process is currently underway for a permanent replacement, with the selection to be made by Westinghouse's board, where Cameco and Brookfield each hold three seats as joint owners.

Cameco (TSX: CCO; NYSE: CCJ) announced that Joint Venture Inkai (JV Inkai) has suspended production operations as of January 1, 2025, due to not receiving an expected extension for submitting updated Project Documentation. The suspension came as a surprise, as Kazatomprom, the majority owner (60%) of the joint venture, directed the halt to avoid violating Kazakhstan legislation.

The suspension was unexpected by Cameco (40% owner), as reports received as recently as December 26, 2024, did not mention any production suspension risks. The delay in extension was attributed to delayed submission of necessary documentation to the Ministry of Energy. Cameco is seeking clarification on the situation and potential impacts on 2025-2026 production, financial outcomes, and future dividends.

Cameco (TSX: CCO; NYSE: CCJ) has made several key document filings, including a technical report for the Inkai operation and a short form base shelf prospectus. The company has established an at-the-market equity program (ATM Program) allowing for the issuance of up to $500 million (US) in common shares. The shelf prospectus enables offerings of various securities up to $2 billion (US) over the next 25 months. According to CFO Grant Isaac, these financial tools provide flexibility to support the company's strategy and risk management, complementing their strong balance sheet and cash flow generation from tier-one production.

Cameco (CCJ) reported strong Q3 2024 operational performance across all segments. Net earnings were $7 million, with adjusted EBITDA at $308 million. The company increased its 2024 annual dividend to $0.16 per share, payable December 13, with plans to double it to $0.24 by 2026. Uranium production outlook for 2024 was raised to 23.1 million pounds (company's share), though JV Inkai production was reduced to 7.7 million pounds due to acid supply challenges. The company updated its 2024 financial outlook, expecting consolidated revenue of $3.01-3.16 billion, reflecting strong market conditions and increasing uranium prices.

Cameco (TSX: CCO; NYSE: CCJ) has been ranked #14 on the TSX30 2024, an annual list of top-performing stocks on the Toronto Stock Exchange. The company's dividend-adjusted share price has increased by 186%, with a 210% rise in market capitalization over the past three years. Cameco CEO Tim Gitzel attributes this success to increased demand for nuclear power and the company's disciplined strategy.

The TSX30, established in 2019, recognizes the 30 best-performing TSX-listed companies based on dividend-adjusted share price performance over a three-year period. Cameco, as a leading global uranium fuel provider, has benefited from growing nuclear power demand while maintaining a focus on sustainability, including decarbonization efforts and community relationships.

Cameco (NYSE: CCJ) reported strong Q2 2024 results, aligning with its full-year outlook. Net earnings reached $36 million, with adjusted net earnings at $62 million, and adjusted EBITDA at $337 million. Revenues grew by 24% year-over-year to $598 million, driven by higher uranium sales and realized prices. Uranium production increased by 61% compared to Q2 2023, totaling 7.1 million pounds. Cameco's contract portfolio continues to expand, with annual commitments averaging 29 million pounds through 2028. The company maintains a robust balance sheet with $362 million in cash and $1.4 billion in debt. Cameco's financial strategy includes debt reduction and refinancing initiatives, supported by positive long-term demand for nuclear energy.