Why These Energy Stocks are Gaining This Week

7. Cameco Corporation (NYSE:CCJ)

Share Price Gains Between Oct 24 – Oct 31: 15.98%

Cameco Corporation (NYSE: CCJ) is one of the largest global providers of uranium fuel for powering the ongoing nuclear energy renaissance.

Cameco Corporation (NYSE:CCJ) hit an all-time high this week after it announced a ‘transformational’ strategic partnership with the US government for the construction of at least $80 billion worth of new nuclear reactors across the United States using technology from Westinghouse Electric Company LLC. The deal is a part of the Trump administration’s efforts to significantly expand the country’s nuclear energy capacity, given that the American power demand is expected to surge to record levels amid the ongoing AI boom.

The deal is also expected to increase the American demand for uranium, causing suppliers like Cameco Corporation (NYSE:CCJ) to jump. Moreover, the announcement led to a sharp uptick in the prices of the nuclear fuel, with uranium futures gaining over 12% since October 21.

Known for its strong commitment to shareholders, Cameco Corporation (NYSE:CCJ) has never missed a dividend payment since its IPO in 1991 and was recently included in our list of the 12 Best Nuclear Power Dividend Stocks to Buy Now.