DNN - Top Uranium Stocks To Watch In August
Will these uranium stocks continue rising before next month?
When thinking of mining sectors, uranium stocks are often overlooked by investors. What many investors do not realize is that uranium is a huge industry with operations all over the world. Uranium stocks are also an industry that has been impacted by COVID-19. COVID caused Uranium stocks to reach levels they had not seen since the 2011 Fukushima Daiichi nuclear disaster in Japan.
Some believe that a part of uranium’s hype has to do with Reddit. As you may have seen in the last year, retail investors have become very powerful in the stock market. Back in February, a subreddit was created called r/UraniumSqueeze for uranium retail investors. To date, the subreddit has accumulated more than 9,500 members.
But how do you choose which uranium stocks are the best to invest in? Maybe you found a uranium corporation you want to invest in but you don’t know much about the market. The best things to stay on top of are company-specific news, world news, and news in the sector. A uranium shortage could cause an uptick in price for example. For now, let’s take a look at three uranium stocks that are performing well in the market.
Top Uranium Stocks To Watch
- Denison Mines Corp. ( NYSE: DNN )
- Cameco Corporation ( NYSE: CCJ )
- Energy Fuels Inc. ( NYSE: UUUU )
Denison Mines Corp. (NYSE: DNN)
Denison Mines Corp. is a uranium exploration and development-focused company. Its main project is the Wheeler River Uranium project located in the Athabasca Basin region in Saskatchewan, in which it holds a 95% interest in.
On August 5 th , the company reported its second-quarter results for 2021. The President and CEO of the company, David Cates stated, “The Company continues to successfully advance on its ambition of developing the high-grade Phoenix deposit, as potentially one of the lowest cost uranium mines in the world, at a time when the uranium market is showing signs of a sustained recovery and the beginnings of a new contracting cycle.”
During this period, Denison consolidated a 5% larger ownership in its flagship Wheeler River project moving its interest from 90% to 95%. In the last 5 days, DNN stock has gone from $1 per share to $1.10 per share on average. It will be interesting to see what the next update from the company is. With this in mind, will DNN make your list of uranium stocks to watch in August?
Cameco Corporation (NYSE: CCJ)
Cameco Corporation is a uranium stock that primarily produces and sells uranium. Its two segments of the company are uranium and fuel services. Cameco’s uranium section mines, mills, and purchases or sells uranium concentrate. Its main uranium property is the Cigar Lake property located in Canada. Its fuel services section refines, converts, and fabricates uranium concrete, and purchase or sell conversion services.
On July 28 th , the company reported its second-quarter results for the year. The company’s revenue, gross profit (loss), and cash provided by operations all fell year over year. The company is still attempting to recover from the effects of the pandemic at the moment.
Tim Gitzel, President and CEO said, “We are not at the regular tier-one run rate of our business. We are taking the steps we believe are necessary, including investing in digital and automation technologies, to support the restart of our tier-one assets to create a more flexible asset base that will allow us to align our production decisions with our contract portfolio commitments and opportunities, allow us to eliminate the care and maintenance costs incurred while our tier-one production is suspended, and to benefit from the very favorable life-of-mine economics our tier-one assets provide.” In the last 5 days, CCJ stock has gone from $15.70 per share to $17 per share on average. With this in mind, is CCJ a contender for your list of uranium stocks to watch ?
Energy Fuels Inc. (NYSE: UUUU)
Energy Fuels Inc. is a uranium company that extracts, recovers, explores, and sells the material. It owns and operates the Nichols Ranch project, among many others. It also holds interests in uranium properties and projects for exploration, permits, and evaluation. Most of its assets are located in Utah, Wyoming, Arizona, Colorado, and New Mexico.
At the end of July, the company joined the earnings season and released its second-quarter results. The company had $98.8 million of working capital as of the end of the quarter. Energy Fuels’ current inventory has a value of $39.1 million.
Mark S. Chalmers, the President and CEO of Energy Fuels said, “Energy Fuels achieved another significant milestone in restoring U.S. rare earth supply chains when we recently announced the successful production of rare earth carbonate from U.S.-sourced natural monazite sand at our White Mesa Mill.” Is UUUU stock going to make your uranium watchlist?
Top Uranium Stocks In The Market?
When picking uranium stocks to buy, it can often get confusing. That is why staying up to date on the latest in the market can be very helpful. With most mining stocks , sector news is integral to the investment process. So which uranium stocks will make your watchlist in August 2021?