NXE - Best Stocks To Invest In 2023? 2 Uranium Stocks For Your List
2023-09-17 10:24:39 ET
Uranium, a naturally occurring radioactive element, serves as a critical component in the generation of nuclear energy. It has gained renewed interest as a low-carbon power source in a world moving toward greener energy solutions. The uranium sector primarily revolves around the mining, milling, and sale of uranium ores, necessary for fueling nuclear reactors. With increasing discussions around climate change and the urgent need for sustainable, emission-free energy sources, nuclear power presents a viable option. Positioning the uranium industry at the forefront of potential growth.
Uranium stocks represent the publicly traded companies engaged in the exploration, mining, and sale of uranium. Given the cyclical nature of commodity markets, these stocks can be influenced by a variety of factors. This includes geopolitical tensions, supply constraints, and the global push for cleaner energy sources. Investors interested in uranium stocks look to capitalize on the sector’s potential upswing, especially as countries expand or renew their commitment to nuclear energy.
When considering investment in uranium stocks, one must weigh several factors. The prospects of nuclear energy acceptance, regulatory environments, and technological advancements in reactor designs can all influence the sector’s growth trajectory. Furthermore, understanding the underlying company’s resource base, production costs, and expansion plans becomes essential in making an informed decision. As with all investments, potential returns come with associated risks, underscoring the importance of thorough research and due diligence before venturing into the uranium market. With that being said, here are two uranium stocks to watch in the stock market this week.
Uranium Stocks To Buy [Or Sell] In 2023
- Nexgen Energy Ltd. ( NYSE: NXE )
- BWX Technologies Inc. ( NYSE: BWXT )
Nexgen Energy (NXE Stock)
Leading off, NexGen Energy Ltd. (NXE) is a uranium exploration and development company focused on discovering and advancing high-grade uranium assets. Their flagship project, the Arrow deposit located in Canada’s Athabasca Basin, is among the largest and richest undeveloped uranium deposits in the world.
Late last month, NexGen Energy Ltd. announced some significant changes to its leadership team. Ben Salter, who has been with the company since June 2021 and previously served as Vice President of finance, will take over as Chief Financial Officer (CFO). This move follows the resignation of the current CFO, Harpreet Dhaliwal, who’s leaving for other opportunities. In addition to this, NexGen is also welcoming Tracy Primeau as a Special Advisor.
Year to date, shares of NXE stock have surged by 42.89%. Meanwhile, as of this past Friday’s closing bell, Nextgen Energy stock closed the trading day at $6.23 a share.
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BWX Technologies (BWXT Stock)
Next, BWX Technologies Inc. (BWXT) is a leading supplier of nuclear components and fuel to the U.S. government. The company plays a pivotal role in providing products and services for the nation’s defense, primarily concerning naval nuclear propulsion. Additionally, BWXT offers a range of advanced nuclear operations, including the manufacturing of nuclear reactor components and the provision of nuclear fuel and reactor services to the commercial nuclear power industry.
Last month, BWX Technologies reported better-than-expected second-quarter 2023 financial results. In detail, the company posted Q2 2023 earnings of $0.65 per share, with revenue of $612.45 million. This is versus consensus estimates for the quarter which were earnings of $0.59 per share, and revenue of $558.59 million. As a result, revenue increased by 10.51% compared to the same period, the previous year.
In 2023 thus far, shares of BWXT stock have increased by 29.90% year-to-date. Moreover, as of this past Friday’s closing bell, BWX Technologies stock finished the day trading at $74.82 a share.
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