Maxim Group Affirms Buy Rating on Ur-Energy Inc. (URG) on Growing Uranium Demand Opportunity

Ur-Energy Inc. (NYSE:URG) is one of the fastest-growing penny stocks to buy now. On November 6, Maxim Group analyst Tate Sullivan reiterated a Buy rating on Ur-Energy Inc. (NYSE:URG). According to the analyst, the company is well-positioned to benefit from growing uranium demand from US customers.

The company has already secured significant off-take agreements with US commercial nuclear power plants, underscoring its long-term prospects. It has also reiterated its 2025 revenue guidance, which expects to sell 440,000 pounds of U3O8 at an average price of $61.77 per pound. It expects to realize revenues of $27.2 million.

Ur-Energy is also on course to start production at its second uranium mining project in Wyoming as it looks to capitalize on growing uranium demand. It’s also ramping up production at Lost Creek, which produced 93,525 pounds of U308, dried and packaged, in the third quarter.

On November 4, analysts at H.C. Wainwright cut their price target of the stock to $2.60 from $2.70 but reiterated a Buy rating. According to the research firm, the use of purchased inventories should help protect and maximize the value of low-cost products in the long term.

Ur-Energy Inc. (NYSE:URG) is a U.S.-based uranium mining company that acquires, explores, develops, and operates uranium properties in the United States. It specializes in the environmentally sensitive in-situ recovery (ISR) method of uranium extraction, which leaves the rock in place. Its flagship project is the Lost Creek project in Wyoming, and it is also developing the Shirley Basin project.

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Disclosure: None. This article is originally published at Insider Monkey.