Cameco Corporation (NYSE:CCJ) was a big mover last session, as the company saw its shares rise nearly 13% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This continues the recent uptrend for the company as the stock is now up 23.1% in the past one-month time frame.
The shares rose after reports that Kazakhstan had reduced its forecast for uranium output by 20% over the coming three years. This could herald a rebound for uranium prices, and create more favorable market conditions for Cameco.
The company has seen a flat track record when it comes to estimate revisions over the past few weeks, while the Zacks Consensus Estimate for the current quarter has also remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Cameco currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is 0.00%.
A better-ranked stock in the Basic Materials sector is BHP Billiton (LON:BLT) Limited (NYSE:BHP) , which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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