Why Cameco Stock Popped 8% on Friday
Uranium stocks are glowing green on Friday, and they have Constellation Energy to thank for it. This morning, the electric utility giant announced plans to restart Unit 1 at the Three Mile Island nuclear power plant by 2028, in order to supply power to Microsoft data centers.
In no time flat, shares of uranium mining stocks such as Energy Fuels, Uranium Energy, and Denison Mines began powering up. None went so far as Cameco Corporation (NYSE: CCJ), however, which as of 11:10 a.m. ET is gaining 8%.
It's no great mystery why. A big electric utility is restarting a nuclear plant, and that plant will need uranium to generate power. Uranium miners provide that uranium -- and so their stocks rise.
Source Fool.com
Cameco Corp. Stock
€83.14
-2.350%
With 25 Buy predictions and 1 Sell predictions Cameco Corp. is one of the favorites of our community.
As a result the target price of 117 € shows a positive potential of 40.73% compared to the current price of 83.14 € for Cameco Corp..
