Supply still too high

Article Excerpt

CAMECO CORP. $13.31 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306-956- 6200; www.cameco.com; Shares outstanding: 395.8 million; Market cap: $5.3 billion; Dividend yield 0.7%) is now up almost 40% since late October 2017. That’s when Kazakhstan said it would drop uranium production at its state-owned Kazatomprom mine to 80% of its 2016 level for a period of three years. That move—combined with Cameco’s suspension of production at its own McArthur River mine in Saskatchewan—has boosted uranium prices to around $26.50 U.S. a pound from $20. Uranium’s long-term outlook is positive, but global supply remains higher than demand. Cameco is still a hold. hold…

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