Cameco Stock Price, News & Analysis

Cameco announced a bought deal offering of 29,615,000 common shares at $21.95 per share, aiming for gross proceeds of approximately $650 million. The offering, which is set to close around October 17, 2022, includes an option for underwriters to purchase an additional 4,442,250 shares for up to $97.5 million in potential proceeds. The funds will help finance Cameco's acquisition of Westinghouse Electric Company in partnership with Brookfield Renewable. This strategic move aims to enhance Cameco's position in the nuclear services sector.

Cameco Corporation (CCJ) and Brookfield Renewable Partners are partnering to acquire Westinghouse Electric Company for a total enterprise value of $7.875 billion. Cameco will own 49% while Brookfield and its partners will hold 51%. This strategic partnership aims to leverage both companies' strengths in nuclear energy and clean technology, enhancing the nuclear power sector's role in energy transitions. The acquisition is expected to provide stable cash flow and multiple growth opportunities for Westinghouse, which services half of the global nuclear power generation sector.

Cameco announced preliminary operating results for Q3 2022, with expected uranium segment deliveries between 5-5.5 million pounds and fuel services deliveries of 2.1-2.4 million kgU. Uranium production is projected at 2 million pounds from Cigar Lake, while fuel services segment estimates at 1.5 million kgU. Restart activities at McArthur River and Key Lake are progressing, with first production expected in Q4 2022. However, delays in the Inkai joint venture's shipping could affect earnings and dividends. Demand for long-term contracts remains strong, leading to historic pricing for conversion.

Cameco reported strong Q2 results with net earnings of $84 million, a substantial recovery from a $37 million loss in 2021. Revenue increased by 55% to $558 million, driven by higher average realized prices in uranium sales, which saw a 41% year-on-year increase. The company added over 45 million pounds to its long-term uranium contracts this year. Production at Cigar Lake is projected at 18 million pounds, but delays at Key Lake may defer some output to Q4. Cameco's balance sheet remains strong with $1.4 billion in cash. Guidance for 2022 production remains up to 11 million pounds.

Cameco has finalized the acquisition of Idemitsu Canada Resources Ltd.’s 7.875% interest in the Cigar Lake Joint Venture. This increases Cameco’s stake in the uranium mine to 54.547%, a rise of 4.522 percentage points. Orano Canada Inc. now holds a 40.453% interest, an increase of 3.353 points. This acquisition solidifies Cameco's position as a leading uranium provider.

Cameco has reached an agreement with Orano Canada to acquire Idemitsu's 7.875% interest in the Cigar Lake Joint Venture for approximately $107 million CDN. Following the acquisition, Cameco will increase its ownership in the Cigar Lake uranium mine to 54.547%, while Orano will hold 40.453%. The mine is projected to produce 15 million pounds of uranium concentrate in 2022. While Cameco plans to reduce annual production to 13.5 million pounds starting in 2024, this acquisition adds substantial proven and probable reserves, bolstering its strategic position in the uranium market.

Cameco (NYSE: CCJ) held its annual meeting on May 10, 2022, where shareholders elected nine board members. Among the elected are Leontine Atkins, Ian Bruce, and Tim Gitzel, with voting percentages ranging from 88.57% to 99.07%. The company, a leading provider of uranium fuel, emphasizes its low-cost operations and high-grade reserves to support clean nuclear energy generation for utilities worldwide.

Cameco reported strong growth in its Q1 2022 results, with revenue increasing 37% to $398 million and net earnings of $40 million. This performance is attributed to rising uranium prices, up 38% year-to-date, and improved contract deliveries. The company produced 1.9 million pounds of uranium and sold 5.9 million pounds at a 34% higher average realized price than last year. Cameco emphasized its strategic approach to managing supply discipline while exploring long-term contract opportunities, amidst a shifting geopolitical landscape affecting uranium supply.