Cameco Corporation (CCJ) Gained Over 10% This Month. Here is Why

With gains of 10.78% between April 1 and April 27, Cameco Corporation (NYSE:CCJ) is included in our list of the 7 Energy & Utility Stocks that are on Fire in April.

Cameco Corporation (NYSE:CCJ) operates globally, producing uranium and nuclear fuel products for the generation of clean, safe, and reliable electricity.

Cameco Corporation (NYSE:CCJ)’s surge in April has been helped by a rebound in nuclear fuel prices, with uranium futures in the US currently hovering above $86.5 per pound, near their highest level in two months. This is mainly due to the bullish view on the longer-term adoption of nuclear power, especially in the United States.

President Trump signed an executive order last year to quadruple the country’s nuclear energy capacity to 400 GW by 2050. The government has recently taken some important steps to achieve this goal, with the Utility Power Reactor Incremental Scaling Effort (UPRISE) program being a great example. The initiative is meant to help nuclear companies uprate their reactors and bring dormant facilities back online, potentially increasing the country’s existing nuclear fleet’s power capacity by a further 5 GW by 2029.

Additionally, Cameco Corporation (NYSE:CCJ) also received a lift on April 20 when William Blair initiated coverage of the stock with an ‘Outperform’ rating, while assigning it a fair value estimate of $165 per share (read more details here).

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