Is CCJ a good stock to buy? We came across a bullish thesis on Cameco Corporation on Darius Dark Investing’s Substack. In this article, we will summarize the bulls’ thesis on CCJ. Cameco Corporation’s share was trading at $102.27 as of June 9th. CCJ’s trailing and forward P/E were 95.72 and 90.91 respectively according to Yahoo Finance.
Burke Hollow. Photo from Uranium Energy
Cameco Corporation provides uranium for the generation of electricity in the Americas, Europe, and Asia. CCJ has emerged as one of the most strategically important companies in the global nuclear energy industry, yet the recent decline in its share price from roughly $135 to near $100 appears disconnected from the company’s long-term positioning. The market reacted negatively to a temporary pullback in uranium spot prices and softer 2026 delivery guidance, but this overlooks Cameco’s vertically integrated business model and strengthening competitive moat.
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The company controls critical parts of the nuclear fuel cycle, operating high-grade uranium mines such as Cigar Lake and McArthur River, conversion assets like the Port Hope facility, and a 49% ownership stake in Westinghouse Electric Company, which designs reactors and manufactures nuclear fuel assemblies. While investors focused on lower expected uranium deliveries, Cameco continued to demonstrate strong financial performance with rising realized uranium prices, expanding EBITDA, a strengthened balance sheet, and increasing free cash flow generation.
The broader uranium market also remains structurally undersupplied following years of underinvestment after Fukushima, while geopolitical developments such as the U.S. ban on Russian uranium imports are forcing Western utilities to secure alternative long-term supply agreements. At the same time, accelerating AI infrastructure development has created a new source of nuclear demand as hyperscalers increasingly pursue reliable baseload power for data centers.
Cameco is positioned to benefit from this multi-decade expansion in nuclear infrastructure through its mining, fuel services, and Westinghouse businesses. Long-term contracts, including a major uranium supply agreement with India, further reinforce pricing power and earnings visibility, supporting a compelling bullish outlook for the company.
Previously, we covered a bullish thesis on Centrus Energy Corp. by devolution_king in October 2024, which highlighted the company’s positioning as the only American uranium enrichment player expected to benefit from AI-driven electricity demand, federal support, and reduced reliance on Russian nuclear infrastructure. LEU’s stock price has appreciated by approximately 184.44% since our coverage. Darius Dark Investing shares a similar view but emphasizes Cameco’s vertically integrated nuclear fuel cycle and long-term pricing power.
Cameco Corporation is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held CCJ at the end of the first quarter which was 82 in the previous quarter. While we acknowledge the risk and potential of CCJ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CCJ and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
