Here's Why Cameco Shares Surged Today
Shares in uranium fuel and nuclear energy services company Cameco (NYSE: CCJ) were up 11.7% by 11 a.m. ET today. The move comes as the market digests the news that Westinghouse Electric's adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) will be higher than previously expected in 2025.
That matters to Cameco investors because their company owns 49% of Westinghouse, with the rest owned by Brookfield Renewable Partners (NYSE: BEP), which also rose sharply today. Cameco expects its share of the increase in adjusted EBITDA expectations to be $170 million. "This expected increase will be taken into consideration in determining the 2025 distribution payable by Westinghouse to Cameco," according to the press release.
The increase is related to two nuclear reactors at a power plant in Central Europe. The good news doesn't stop there, because Cameco expects Westinghouse to also benefit from providing fuel services to the plant.
Source Fool.com
Cameco Corp. Stock
The stock is an absolute favorite of our community with 21 Buy predictions and no Sell predictions.
With a target price of 69 € there is a slightly positive potential of 5.36% for Cameco Corp. compared to the current price of 65.49 €.
