Roth MKM Asserts Buy Rating on Denison Mines Corp. (DNN) as Uranium Production Surge

Denison Mines Corp (NYSE:DNN) is one of the best mid cap stocks to buy according to hedge funds. On November 11, Roth MKM analyst Joseph Reagor reiterated a Buy rating on Denison Mines Corp (NYSE:DNN) and set a $3 price target. This came after the company declared third-quarter results on November 6, which showed progress in uranium production.

Roth MKM Asserts Buy Rating on Denison Mines Corp. (DNN) as Uranium Production Surge

The company has continued to affirm its position as one of the biggest uranium producers. In the third quarter, it achieved 2,000 tons of high-grade ore, and over 85,000 lbs U3O8 were produced from the mill. The company has also entered the final stage of a multi-year permitting process at its flagship Wheeler property. Denison Mine had $720 million in total cash investments and uranium holdings as of the end of the third quarter. The company’s balance sheet also received a boost on the completion of a $345 million convertible senior notes offering.

Denison CEO David Cates said the company’s long-term commitment to advancing Wheeler River through difficult uranium markets has positioned it to develop the first new large-scale uranium mine in the Athabasca Basin in nearly 20 years, just as near- and long-term uranium fundamentals show sustained improvement.

Denison Mines Corp. (NYSE:DNN) is a uranium exploration, development, and mining company, primarily focused on projects in the Athabasca Basin of northern Saskatchewan, Canada. It operates uranium mines, explores for new deposits, and manages closed mine sites.

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