$CCJ

NuScale Power (SMR) shares fell 83% from their 52-week high, while demand for nuclear energy remains strong. Constellation Energy (CEG) reported new power agreements, and Cameco (CCJ) has long-term uranium contracts. NuScale has regulatory approvals but minimal revenue; Cameco's earnings dipped but has secured future deliveries; Constellation's profits rose, and it's the only one selling power today.

Electricity demand in the U.S. is projected to rise 60% from 2025 to 2045, benefiting nuclear power. Constellation Energy (CEG) and Southern Company (SO) are active in the U.S., while most new reactors are being built in Asia. Cameco (CCJ) and Brookfield Renewable (BEP, BEPC) are positioned to benefit globally. Oklo (OKLO) and NuScale Power (SMR) are developing SMRs but face delays and risks.

Cameco Corp. shares rose 0.57% to C$139.44 on Friday, outperforming the S&P/TSX Composite Index, which fell 0.33%. The stock remains 23.7% below its 52-week high of C$182.72.

Cameco (TSX:CCO), a major uranium producer, reported Q2 2026 revenue of C$814M and adjusted EBITDA of C$391M. The company restarted Cigar Lake mine, increased its ownership to 57.418%, and secured a US$2.6B uranium supply deal with India. Westinghouse, in which Cameco has a stake, filed for an IPO. Cameco's stock was trading around C$138.65 as of September 4, 2026.

Jefferies initiated coverage of Cameco (CCJ) and BWX Technologies (BWXT) with Buy ratings, setting price targets at $138 and $181 respectively. The firm expects strong demand in the global nuclear industry, benefiting both companies. CCJ and BWXT shares rose 3.7% and 2.9% on the news.

Jefferies initiated coverage of Cameco (CCJ) with a Buy rating and $138 price target, citing its leadership in uranium supply and nuclear energy demand. Shares rose 3.4% on the news. Wellington Management disclosed a new 2.09M share position. Q2 earnings of $0.13 per share missed estimates. Analysts maintain a Moderate Buy consensus with a $145.68 average target.

Cameco stock rose 4.0% after Jefferies initiated coverage with a Buy rating and $138 price target, citing undervalued assets and nuclear expansion. The analyst's note highlighted Cameco's uranium and Westinghouse partnership. Broader market gains and sector support also contributed to the rally, with shares reaching $100.54.

Global nuclear fuel demand is rising due to reactor life extensions, new builds, and AI data centers, while supply lags, creating a structural gap. Uranium spot price surged to $101/lb in January 2026, consolidating in mid-$90s, with long-term contract prices at a record $97/lb. Utilities are short billions of pounds of uranium, and policy shifts favor domestic suppliers. Companies like Eagle Nuclear (NUCL), Cameco (CCJ), and Uranium Energy (UEC) are positioned to benefit.

Nuclear energy sector is poised for long-term growth due to rising AI data center demand and government policies. Cameco (CCJ) benefits from uranium mining and reactor manufacturing. GE Vernova (GEV) is developing small modular reactors with a project scheduled for 2029. High-risk startups Oklo (OKLO) and NuScale Power (SMR) are seeking commercial agreements for future deployment.

The U.S. Army's Project Janus selected five companies, including BWX Technologies (BWXT) and Westinghouse (partly owned by Cameco Corp. (CCJ)), to deploy microreactors at military bases. The Nuclear Energy Launch Pad added 13 new projects, including Lightbridge (LTBR) and Oklo (OKLO). The U.S. Army will invest up to $2.2 billion through 2031, with reactors operational by 2028. These initiatives highlight the expansion of advanced nuclear energy programs.