$CCJ

The U.S. and South Korea agreed on a $120B framework for building eight nuclear reactors, including six Westinghouse AP1000s. Brookfield Renewable (BEPC, BEP) and Cameco (CCJ), co-owners of Westinghouse, could benefit. Past AP1000 projects faced cost overruns, but this time, funding and contracts differ. Westinghouse expects $2B per reactor from services, with no fixed-price risk. The deal is non-binding, and risks include delays and lower investment.

Cameco Corporation has filed a prospectus for an at-the-market (ATM) share offering, allowing it to sell up to US$1 billion in common shares. Proceeds will fund development, acquisitions, debt repayment, and general corporate purposes. The program is effective until December 5, 2029, unless terminated earlier. Cameco's shares trade on the Toronto and New York stock exchanges.

Cameco (CCJ) owns 49% of Westinghouse, a nuclear power service provider. The U.S. Nuclear Regulatory Commission extended the license for Westinghouse's AP1000 reactor through 2066, following successful operation at Southern Company's (SO) Vogtle plants. The Nuclear Company plans to use up to six AP1000 reactors in Kentucky, potentially boosting Westinghouse's growth and Cameco's stake.

Gold and silver prices rose overnight, with December gold at $4,033.50 and silver at $51.795. Hudbay Minerals approved construction of its Arizona copper project, expecting 102,000 tonnes annually. U.S. GoldMining updated on Alaska road project permitting. Cameco, Ramaco, and SSR Mining reported quarterly earnings, with Cameco narrowing production guidance and SSR completing share buybacks. Democrats won U.S. Senate and House control, impacting sector policy.

Uranium miners' share prices have fallen despite rising uranium prices, with Cameco (CCJ) down 25% YTD. Sprott notes miners are disconnected from commodity prices, citing perception gaps. Lotus Resources (LOT) may rise over 100% per Barrenjoey. Sprott attributes miner stock declines to liquidity shocks.

Barclays kept its Equal-Weight rating on Cameco but reduced its price target to $125 from $134, a 6.7% cut. This implies a 16.2% upside from the Oct 30 close of $107.60.

Oil prices dropped as Iran talks eased supply concerns. The EIA forecasts record US natural gas production, with EQT (NYSE:EQT) acquiring Range Resources for over $50B. Cameco (TSX:CCO, NYSE:CCJ) reported Q3 earnings of $30.8M, noting AI and data center demand may boost nuclear energy.

Cameco (CCJ) stock fell 7.9% on October 30, 2026, following its Q3 results. Revenue rose 0.7% YoY, but gross margin declined to 19.7% from 27.7% due to a planned mill outage. Management adjusted its 2026 outlook, expecting higher costs. Peers also fell, with declines ranging from 4.4% to 6.8%. The stock is down 27.7% over the past year.

Cameco Corporation's average price target was reduced from $125.87 to $125.24 by 17 analysts, with a range of $95.72 to $136.43. This implies a 50% upside from the Oct. 29 closing price. The consensus rating remains 'Buy' among 21 analysts.

Uranium mining shares have declined despite rising long-term fuel prices, with the VettaFi Global Uranium Mining Index down 16% in September. Analysts predict tighter supply, but investors are concerned about rising costs and project delays. Cameco reported lower earnings, while NexGen and Anfield face production timelines and financing needs. Spot uranium prices are forecast to average $95 per lb. in 2024, up from $88 this year, according to Fitch Solutions.