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Cameco stock climbs as CEO boasts 'best fundamentals we have ever seen'

Company claims to have signed a record number of contracts in 2022

Jeff Lagerquist
·2 min read
Sask.-based Cameco reported that revenue rose nearly 13 per cent on a year-over-year basis, topping $524 million in the final three months of 2022. REUTERS/David Stobbe
Sask.-based Cameco reported that revenue rose nearly 13 per cent on a year-over-year basis, topping $524 million in the final three months of 2022. REUTERS/David Stobbe (David Stobbe / reuters)

Cameco (CCO.TO)(CCJ) shares climbed more than seven per cent on Thursday as chief executive officer Tim Gitzel touted "the best fundamentals we have ever seen for the nuclear fuel market."

Canada's largest uranium producer reported fourth-quarter and full-year 2022 financial results before the start of Thursday's trading session, booking a $15 million loss compared to an $11 million profit in the same quarter last year.

The Sask.-based company reported that revenue rose nearly 13 per cent on a year-over-year basis, topping $524 million in the final three months of 2022.

Cameco says improving prices for nuclear fuel benefited the company as it added 80 million pounds of uranium to its portfolio of long-term contracts last year. It claims to have signed a record number of contracts in 2022, reflecting a "large and growing" pipeline of potential customers.

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Gitzel continues to see Russia's invasion of Ukraine last year as a powerful catalyst for nuclear energy.

"That was the most transformative event for our industry," he wrote in a news release on Thursday. "We believe it has set in motion a geopolitical realignment in energy markets that is highlighting the crucial role for nuclear power not just in providing clean energy, but also in providing secure and affordable energy."

Beyond Putin's war, Cameco and its peers have benefited from a wave of policy "U-turns" on nuclear power in Europe, Asia, and North America. Public opinion on the issue has improved significantly since the deadly 2011 disaster at Japan's Fukushima Daiichi Nuclear Power Plant.

Toronto-listed Cameco shares added 5.14 per cent to $38.65 as at 11:30 a.m. ET on Thursday. The stock has climbed more than 45 per cent over the past 12 months.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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