Uranium Stocks To Buy Now
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Increasingly, countries are looking to diversify away from hydrocarbons, and nuclear power as a source of clean energy seems to be gaining traction. The possibility of increase in nuclear power adoption is reflected in the price action for uranium stocks.
As one of the leading producers of uranium, Cameco is an attractive investment to consider. Currently, the company has the licensed capacity to produce 53 million pounds of uranium concentrate annually.
Further, the company has 455 million pounds of proven and probable mineral reserves. The company also believes that it has some of the best undeveloped uranium projects in the world. There seems to be visibility for further growth in proved reserves.
Uranium Energy is a U.S. based uranium mining and exploration company. UEC stock is higher by nearly 52% in the last 12 months. However, the stock has corrected steeply from all-time highs of $5.80 to current levels of $2.93. This seems like a good accumulation opportunity.
Uranium Energy believes that uranium demand will grow at a compound annual growth rate (CAGR) of 3.1% through 2040. Demand will be driven by the increasing need for nuclear power. As an example, China is planning 150 new nuclear reactors in the next 15 years.
From a financial perspective, Uranium Energy has a healthy balance sheet with $120 million in liquid assets. With a production-ready resource base, UEC stock looks like a potential value creator. In particular, as uranium prices remain firm. Additionally, the demand outlook for nuclear power might imply further upside in spot price.
Additionally, Denison Mines has holdings of 2.4 million pounds of uranium, which has a market value of 131 million Canadian dollar. Denison Mines also has equity investment in GoviEx Uranium (OTCMKTS:GVXXF) and Skyharbour Resources (OTCMKTS:SYHBF). This gives the company exposure to several uranium assets.
Uranium has become one of the most sought-after commodities in the world in the past few years as the transition away from fossil fuels towards cleaner sources of energy requires stop-gap measures to fill energy needs, and uranium is the easiest answer to these problems for many countries. Before diving into the financial outlook for the precious resource, it is important for investors to have a basic understanding of what uranium is and where it comes from. This would help in making better investment choices.
Uranium is a naturally occurring element with an average concentration of 2.8 parts per million in the Earth's crust. Uranium is also present in oceans around the globe but in very low concentrations. It is assigned the chemical symbol U on the periodic table of elements. A uranium atom has 92 protons and 92 electrons. Uranium has the highest atomic weight of all naturally occurring elements. It has been used as a huge source of concentrated energy for a long time. It is more abundant than gold, silver or mercury.
Over the last two years, uranium inventories have declined rapidly. Many factors have contributed to this decline, including the production decline because of the COVID-19 pandemic, strategic acquisitions by other uranium companies to support future project financing efforts, and overall market volatility. In addition, the emergence of the Sprott Physical Uranium Trust has also had a huge impact. The trust purchased more than 24 million pounds U3O8 in 2021, or about 25% of all spot purchases.
Through August 2022, the trust has already purchased an additional 16 million pounds U3O8 in the market. Despite heavy political uncertainty, which resulted in a dramatic increase in uranium prices, the trust has continued to make purchases, which means the prices will likely stay high in the coming years as the trust sheds this inventory. Geopolitical events, like the civil unrest in Kazakhstan and the Russian invasion of Ukraine, resulted in prices increasing from $43.00 to a peak of $63.75 in April this year.
Since then, the market has cooled down a bit. According to a recent survey, most of the asset classes rebounded in October 2022 following the painful September depletion. The U3O8 uranium spot price climbed 8.32% in October, rising from $48.25 to $52.27 per pound. Comparatively, the broader material markets gained just 1.67%. According to a recent report, US equity markets gained 8.10% as measured by the S&P 500 Index, and US bond markets lost ground on the back of rising inflation and the hawkish Federal Reserve.
In October 2022, the uranium spot price climbed by 24.12%, making it one of the best-performing asset classes. A yearly report on uranium mining equities also posted positive numbers in October, along with the Global Uranium Mining Index gaining 3.11% for the month. Uranium stocks have competed with the performance of top energy giants like Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and ConocoPhillips (NYSE:COP) this year.
However, there are concerns whether the uranium market can continue on this growth path. The concerns center around miners shelving new projects and scaling back operations. These practices, from the era of depressed prices, still haunt the market. A slowing macro environment, during which new financing will be hard to come by, is likely to further heighten investor worries around the space. However, uranium companies are confident about navigating these challenges.
The companies that have upcoming growth catalysts and operate in the uranium and minings sector were selected for the list. Special importance was assigned to outlining the basic business fundamentals and analyst ratings for each firm to provide readers with some context so they can make more informed investment choices. Data from around 900 elite hedge funds tracked by Insider Monkey in the third quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm.
Uranium Royalty Corp. (NASDAQ:UROY) operates as a pure-play uranium royalty company. It acquires, accumulates, and manages a portfolio of geographically diversified uranium interests. On November 29, the shares of Uranium Corp rose 5.1% after the company said that it elected to receive royalty proceeds from the recently re-started McArthur River mine through the delivery of physical uranium. The company added that it will provide maximum value for shareholders. The project plans to produce 15M lbs/year of U3O8 from the operations starting in 2024. The royalty interests form a part of Orano's 30.195% ownership interest in the project.
Ur-Energy Inc. (NYSE:URG) engages in the acquisition, exploration, development, and operation of uranium mineral properties. On August 9, Ur-Energy Inc. revealed that it has signed a multi-year sales agreement with a leading US nuclear utility to supply uranium produced from a project owned and operated by the Company's US subsidiaries, including Lost Creek. On December 19, Ur-Energy declared that it has expanded a previously announced agreement. This brought its total sales quantity of uranium under contract to 600,000 pounds per year.
Energy Fuels Inc. (NYSE:UUUU) engages in the extraction, recovery, exploration, and sale of conventional and in situ uranium recovery in the United States. On November 14, Energy Fuels announced it had agreed to sell its Alta Mesa in-situ recovery project to enCore Energy, a US domestic uranium developer focused on becoming a leading In-Situ Recovery (ISR) uranium producer, for $120 million with $60 million upfront and $60 million in a secured convertible note payable in two years from the closing, paying 8% annual interest.
However, the best uranium stocks to buy now may have received a cynical boost from one Vladimir Putin. As you know, the Russian president ordered the invasion of Ukraine, which has completely unsettled the modern global order. Now, international policymakers are scrambling to find acceptable alternatives to Russian hydrocarbons. Unfortunately, no other power source features the energy density of nuclear facilities.
Admittedly, one of the challenges for acquiring pure-play nuclear energy companies is that their equity shares tend to be choppy and wild. At other times, they can languish for years in vexing consolidation patterns. Therefore, conservative investors who want some exposure to uranium but also substantial ties to other stable businesses should look into BHP (NYSE:BHP).
Finally, BHP plays a second role as an inflation hedge. With the company featuring a forward yield of 13.7%, investors can lock themselves into one of the best uranium stocks to buy and get some serious passive income along the way.
2023 has already seen uranium prices briefly push past the important US$50 per pound level, and experts are optimistic about the year ahead. With demand set to increase as clean energy gains traction and supply security becomes increasingly important, many market watchers are calling for much higher prices, as well as share price gains for uranium stocks.
With uranium's bright future in mind, it's worth looking at the world's leading uranium miners. The list below lays out the five largest uranium companies by market cap. All data was current as of January 11, 2023.
In the company's 2022 fiscal year, uranium output from the Olympic Dam totaled 2.4 million metric tons (MT) of uranium oxide concentrate, a decrease of 892,000 MT from the previous year's uranium production.
Currently, BHP is looking for new opportunities to add to its resource profile. One area of interest for the company is Oak Dam in South Australia, at which high-grade copper, gold, silver and uranium mineralization has been identified. BHP is currently conducting resource definition drilling at the site.
Cameco's key operations include a 50 percent stake in Saskatchewan-based Cigar Lake, which is considered the most prolific uranium mine in the world. The company also has a 70 percent stake in the McArthur River mine and an 83 percent interest in the Key Lake mill, both located in the province's Athabasca Basin, which is a well-known uranium jurisdiction. 59ce067264
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