We See Little Reason for Cameco’s Sell-off After 3Q Earnings; Long-Term Thesis Unchanged
Uranium prices remained weak into the third quarter, with spot prices at roughly $20 per pound as of Sept. 30, 17% lower than the start of the year. Unsurprisingly, the extended uranium price malaise hit Cameco’s top line, as the average realized price fell 25% to $32 per pound. Furthermore, due to planned maintenance and mandatory vacation shutdowns, the company saw production volume fall 47% during the quarter to 3.1 million pounds. Cameco relied on uranium on hand in inventory to fulfill cont...Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.
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