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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index declining 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.4%.The Philadelphia Oil Service Sector Index fell 0.5%, and the Dow Jones US Utilities Index dropped 1.2%.West Texas Intermediate crude oil fell 2.2% to $99.70 a barrel, and global benchmark Brent shed 1.5% to $103.21 a barrel. Henry Hub natural gas futures were little changed at $2.90 per 1 million BTU.In corporate news, Westinghouse Electric is aiming for a valuation of over $50 billion in its US initial public offering, Bloomberg reported. The company, which provides reactor technology to nuclear power plants and is co-owned by Brookfield Renewable Partners (BEP) and Cameco (CCJ), is looking to file publicly as early as October, the report said. Brookfield Renewable shares rose 1%, and Cameco fell 1.3%.TotalEnergies (TTE) partnered with BlackRock-owned (BLK) Global Infrastructure Partners to manage its African oil and gas infrastructure assets, the energy major said. Under the deal, GIP will invest $1.8 billion for a stake in some of TotalEnergies' midstream infrastructure assets in Africa, it said. TotalEnergies shares were down 1%.BP (BP) Developments Australia has agreed to sell a 5% stake in the Browse liquefied natural gas project in Western Australia to Osaka Gas Browse, Osaka Gas said. BP shares were 1.8% lower.Equinor (EQNR) signed a long-term agreement with Thailand's PTT Trading to supply liquefied natural gas, Reuters reported. Equinor shares were down 0.5%.

$BEP$BP$CCJ$EQNR$TTE
Sectors

Sector Update: Energy

Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index declining 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 0.4%.The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index dropped 1.1%.West Texas Intermediate crude oil fell 2% to $99.90 a barrel, and global benchmark Brent shed 1.6% to $103.18 a barrel. Henry Hub natural gas futures eased 0.1% to $2.90 per 1 million BTU.In corporate news, Westinghouse Electric is aiming for a valuation of over $50 billion in its US initial public offering, Bloomberg reported. The company, which provides reactor technology to nuclear power plants and is co-owned by Brookfield Renewable Partners (BEP) and Cameco (CCJ), is looking to file publicly as early as October, the report said. Brookfield Renewable shares rose 0.9%, and Cameco fell 1%.

$BEP$CCJ
Wire

Market Chatter: Westinghouse Seeking Valuation of Over $50 Billion in US IPO

Westinghouse Electric is aiming for a valuation of over $50 billion in its US initial public offering, Bloomberg reported Friday, citing people familiar with the matter.The company, which provides reactor technology to nuclear power plants and is co-owned by Brookfield Renewable Partners (BEP) and Cameco (CCJ), is looking to file publicly as early as October, the report said, citing the people.Goldman Sachs (GS) and Citigroup (C) are leading Westinghouse's IPO, while Canadian Imperial Bank of Commerce (CM), JPMorgan Chase (JPM) and Royal Bank of Canada (RBC) are also working on it, the report said, citing the people.Westinghouse Electric didn't immediately reply to a request for comment from.Price: $93.03, Change: $+0.23, Percent Change: +0.25%

$BEP$CCJ$CM$JPM$RBC
Commodities

South Korea Reportedly Explores Share Purchase in US Nuclear Firm Westinghouse

The South Korean government is considering acquiring shares in US nuclear energy company Westinghouse, under a nuclear power framework to be agreed upon with the US, media outlets reported.The administration is exploring an acquisition of common shares with voting rights and is currently discussing the size of the purchase, a government official told the Korean daily Hankyoreh on Wednesday.Subject to the terms of the deal, the transaction could give the country a stronger position over intellectual property and greater access to the US nuclear market, The Korea Times reported Thursday, citing government sources.In January 2025, Korea Hydro & Nuclear Power and Korea Electric Power settled their dispute with Westinghouse concerning the possible use of US technology in Korea's APR1400 reactor design.The three companies are now set to sign a nuclear collaboration agreement, which includes the reported share acquisition plan.Global investment firm Brookfield (BN) currently holds a 51% interest in Westinghouse, while Canadian uranium producer Cameco (CCJ) owns the remaining 49%.The deal is seen to benefit South Korea if it guarantees board seats, veto rights, IP licensing rights, and clear terms for profit sharing and loss allocation, according to Nuclear Safety and Future head Lee Jeong-yoon, as cited by The Korea Times.However, Jeong-yoon reportedly said there is also a risk of South Korea absorbing cost overruns and construction delays, while other shareholders recover their investments.The country is also investing in the construction of eight nuclear reactors in the US.Westinghouse, the US Trade Representative, and the South Korean trade ministry did not immediately respond to' requests for comment.Price: $37.97, Change: $-0.55, Percent Change: -1.43%

$BN$CCJ
Wire

Cameco's Favorable Tailwinds Likely to Continue, RBC Says

Cameco (CCJ) remains well positioned to benefit from strong nuclear energy and uranium market fundamentals, RBC Capital Markets said in a note Friday."We continue to see favorable tailwinds in nuclear anduranium, with Cameco best-positioned to benefit with tier 1 uranium assets and ownership in Westinghouse," the note said.The report said good momentum in uranium price strength is expected to continue through the next 6-12 months as uranium contracting activity picks up seasonally.The note pointed to growth driven by re-investment into the existing nuclear fleet and AP1000 new builds."We also see Westinghouse as a unique asset with no direct publicly-traded peer which we think justifies a premium valuation," the report said. RBC kept its outperform rating.Price: $89.43, Change: $+3.05, Percent Change: +3.53%

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Wire

Cameco's Recent Share Pullback Does Not Reflect Change in Fundamentals, UBS Securities Says

Cameco's (CCJ) recent pullback in shares is driven by broader market and artificial intelligence-related sentiment rather than any change in fundamentals, UBS Securities said in a note Monday.On uranium, analysts said long-term contract prices have hit record highs, utility contracting and Request for Proposals are increasing, and government support for nuclear continues.The investment firm said Cameco is the clearest and most liquid global exposure to the nuclear thematic.Positive catalysts this year for Cameco include an upside to contract prices, meaningful AP1000 announcements or government support, plans for physical uranium futures, and continued supply challenges of incumbents, according to the note.UBS Securities upgraded its rating to buy from neutral, and retained a price target of 166 Canadian dollars ($117.61).Price: $88.51, Change: $+0.65, Percent Change: +0.74%

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Research

UBS Upgrades Cameco to Buy From Neutral, CA$166 Price Target

UBS Upgrades Cameco to Buy From Neutral, CA$166 Price Target

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Wire

Cameco's Cigar Lake Mine Resumes Production

Cameco's (CCJ) Cigar Lake uranium mine in northern Saskatchewan, Canada, resumed production after a temporary suspension caused by operational challenges at Orano's McClean Lake mill, the company said late Tuesday.McClean Lake mill has resumed operations, allowing Cigar Lake to begin shipping stockpiled ore for processing and restart production activities, the company said.Cameco said the temporary suspension has not affected its 2026 production outlook for Cigar Lake.Price: $90.83, Change: $-0.74, Percent Change: -0.81%

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Wire

Cameco Set to Benefit From Nuclear Sector Momentum, RBC Says

Cameco (CCJ) is best-positioned to benefit from a strong nuclear sector growth momentum and a positive uranium price outlook, RBC Capital Markets said in a Monday report.The note said the firm is recording robust interest for uranium from sovereign buyers and larger utilities, with contracts settlement prices above reported term prices.Looking ahead, Cameco expects sustained uranium demand growth as new reactor projects look to secure initial reactor loads, the note said."We raise our uranium price forecasts by ~10%, with our long-term price rising to $110/lb, from $100/lb," the report said.The report also pointed to recent US and Canadian government policy initiatives that are supportive for deployment of theWestinghouse AP1000 large nuclear reactor design.RBC kept its outperform rating while raising its price target to CA$175 ($123) from CA$160.Price: $102.01, Change: $-2.48, Percent Change: -2.37%

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Research

Cameco Price Target Raised to C$175 at RBC

RBC Capital Markets raised its price target on Cameco (CCO.TO, CCJ) to C$175 from C$160 on Monday.Analyst Andrew D. Wong maintained an Outperform rating on shares of the Saskatchewan-based uranium company."We continue to see Cameco as best-positioned to benefit from strong nuclear growth momentum and a constructive uranium price outlook," the analyst said.

$CCJ$CCO.TO
Wire

Market Chatter: Energy Department Plans $17.5 Billion Loan Program for Big Nuclear Reactors

The Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the Energy Department and comments from Energy Secretary Chris Wright.The Department of Energy said the loans are intended to accelerate construction of 10 reactors in the US, and five loans will be available for projects with two reactors each, according to the report.The Department of Energy did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $47.21, Change: $-0.05, Percent Change: -0.10%

$BAM$CCJ
Wire

Energy Department to Provide $17.5 Billion in Loans for Big Nuclear Reactors, Bloomberg Reports

Energy Department to Provide $17.5 Billion in Loans for Big Nuclear Reactors, Bloomberg Reports

$BAM$CCJ
Research

Cameco Maintained at Buy at Stifel Canada Following TEPCO Cigar Lake Stake Buy; Price Target Kept at C$180

Stifel Canada on Tuesday maintained its buy rating on the shares of uranium producer Cameco (CCO.TO, CCJ) and its C$180.00 price target after the company and partner Orano acquired TEPCO's minority stake in the Cigar Lake operations in norther Saskatchewan."A good deal for Cameco. Cameco (with Orano) has agreed to acquire TEPCO's 5% participating interest in the Cigar Lake JV, lifting Cameco's ownership by 2.871% to 57.418% (Orano goes to 42.582%) for $115.75Mln (Cameco's share). Closing is expected in Q3/26 - subject to regulatory approval and customary conditions. The acquisition price implies a discounted 'clean-up' transaction of a Tier-One asset. The $115.75Mln paid for Cameco's incremental 2.871% implies a $4.03Bln Cigar Lake valuation (100% basis) vs. our NPV8% of $8.91Bln NPV (based on an LT uranium price assumption of $120/lb) and a transaction multiple of just 0.45x P/NPV. We estimate the deal is +0.5% accretive to our NAVPS and +3.3% accretive to FY27 EPS, while adding ~0.5Mln lbs/yr of attributable uranium production and ~5Mln lbs of attributable proven and probable uranium reserves at an in-situ acquisition price of US$17/lb," analyst Ralph Profiti noted.Price: $167.01, Change: $+11.17, Percent Change: +7.17%

$CCJ$CCO.TO
Mining & Metals

National Bank "Modestly" Positive on Cameco's Increased Stake in Cigar Lake

Cameco (CCO.TO, CCJ) and Orano Canada are buying Tepco's 5% participating interest in the Cigar Lake joint venture.National Bank analyst Mohamed Sidibe, who has an $180.00 price target and outperform rating on the shares of the company, views the transaction as "modestly" positive. Cameco's purchase price of $115.75 million implies a 100% Cigar Lake value of $4.03 billion, compared with Sidibe's implied value of $5.0 billion."Based on Cigar Lake's 2026 production outlook of 17.5-18.0 mln lbs U3O8 on a 100% basis, the incremental 2.871 percentage-point interest equates to ~0.5 mln lbs of additional annual attributable production. This should further reduce reliance on purchases, inventories and product loans to meet contract commitments," he writes.Cameco's ownership in the Cigar Lake venture upon closing will increase to 57.42%, while Orano's will edge up to 42.58%.Price: $155.68, Change: $+0.77, Percent Change: +0.50%

$CCJ$CCO.TO
Mining & Metals

CIBC Maintains Cameco's Outperformer Rating and C$200.00 Price Target

CIBC Capital Markets maintained its outperformer rating on the shares of Cameco (CCO.TO, CCJ) and its C$200 price target.CIBC, after incorporating Q1/26 results and "fine-tuning" its estimates, maintained its price target and rating."Overall, our NAVPS decreases slightly to $89.82 from $90.38, largely reflecting the rollover of our DCF by one quarter, while our annualized FY26E-FY30E EBITDA estimate increases slightly to $3,073M from $3,041M," said CIBC.CIBC noted, the Key Lake mill and McArthur River mine have resumed full production after a temporary halt caused by supply disruptions from flooding in northern Saskatchewan. The company is now consistently supplying materials via secondary routes while the timing to restore access on the primary supply route is still being determined, CIBC noted."The company's 2026 consolidated production outlook remains unchanged at 19.5-21.5Mlb of U3O8 (CCO's share); however, CCO expects that future road conditions could remain at risk due to seasonal spring thaw and precipitation events," added CIBC. "Additionally, with Q1/26 results, CCO maintained its fuel services production guidance of 13.0-14.0M kgU, with consolidated total capital expenditures of $490-$540M, in addition to all other metrics."CIBC now models 2026 EBITDA for Westinghouse at $682M vs. its prior estimate of $647M, it added.Price: $154.62, Change: $+1.96, Percent Change: +1.28%

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Wire

Cameco Shares Rise After Key Lake Mill, McArthur River Mine Return to Full Production

Cameco (CCJ) shares rose 3.4% on Thursday after the company said that it reaffirmed its 2026 production guidance and that the Key Lake mill and McArthur River mine have resumed full uranium production activities following a disruption due to flooding in Saskatchewan.The timing to restore access to the primary supply route is being confirmed, but the company has been able to deliver the required volume of critical materials via the secondary route, the company said.Risks of thawing and precipitation could lead to further road restrictions, resulting in delays in future deliveries, according to the company.Price: $110.64, Change: $+3.20, Percent Change: +2.98%

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Wire

NextEra, Dominion Merger Reinforces Power Infrastructure Supercycle Thesis, Wedbush Says

NextEra Energy (NEE) and Dominion Energy's (D) merger shows that the "AI-driven power demand supercycle is not a cyclical trade but a decades-long infrastructure build," Wedbush said in a note Monday.In the grid infrastructure and data center space, Quanta Services (PWR) and Willdan (WLDN) will be direct beneficiaries of the deal, Wedbush said, adding that a combined NextEra and Dominion spanning Florida, Virginia, North Carolina, and South Carolina will need a "sustained acceleration in transmission, substation, and distribution buildout."In the equipment and power management sector, Vertiv (VRT) and Eaton (ETN) are poised to benefit from scale procurement, the note said, adding the combined company's emphasis on "supply chain scale and procurement efficiency points directly to accelerating orders for thermal management, power conversion, and switchgear."In the power generation and fuel supply space, Constellation Energy (CEG), Vistra (VST), and Talen Energy (TLN) will likely also benefit from "demand confirmation," Wedbush said, adding the deal's "explicit framing of surging large-load demand" will support independent power producers serving the same Mid-Atlantic and Southeast regions.Meanwhile, for the materials and enabling technologies sector, the "nuclear infrastructure thesis" will likely be boosted, Wedbush said, as the combined company's position as the second largest in US nuclear generation will back the "long-term investment case for the nuclear supply chain."Cameco (CCJ), BWX Technologies (BWXT), and NuScale Power (SMR) are the companies most directly linked to nuclear fuel, services, and reactor deployment, the note said.Price: $88.37, Change: $-5.00, Percent Change: -5.35%

$BWXT$CCJ$CEG$D$ETN$NEE$PWR$SMR$TLN$VRT$VST$WLDN
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Monday as Trump Rejects Reported Iran Proposal

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.03% higher in Monday's premarket activity as US President Donald Trump rejected Iran's reported resolution offer.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.03% before the start of regular trading.The existing home sales data for April will be released at 10 am ET.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% higher, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 2.8%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.5% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 2.6%, while the iShares Semiconductor ETF (SOXX) rose by 0.9%.Monday.com (MNDY) shares were up more than 24% in premarket activity after the company reported higher Q1 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) retreated by 0.2%, while the iShares US Healthcare ETF (IYH) slipped 0.7%. The iShares Biotechnology ETF (IBB) was flat.Moderna (MRNA) stock rose over 9% premarket after Bloomberg reported the company has been working on early-stage vaccines targeting hantaviruses.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.01%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.01%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.ORIX (IX) shares were up more than 8% pre-bell after the company reported higher fiscal 2026 earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.04%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was down 0.4%, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.3%.United Parks & Resorts (PRKS) shares were down more than 3% pre-bell after the company reported a wider Q1 loss and lower revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.Grupo Aeroportuario del Pacifico (PAC) stock was down more than 1% before the opening bell. The company said it had started the process for the potential establishment of a trust for the issuance of energy and infrastructure investment trust certificates, with a view to subscribing to a minority equity stake in the 12 Mexican airport concessionaires that Grupo Aeroportuario operates.EnergyThe iShares US Energy ETF (IYE) rose 1.8%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.3%.Cameco (CCJ) stock was down more than 1% before Monday's opening bell after the company said that flooding in northern Saskatchewan collapsed the Smoothstone River Bridge, disrupting a key supply route to its McArthur River mine and Key Lake mill.CommoditiesFront-month US West Texas Intermediate crude oil rose 2.6% to $97.91 per barrel on the New York Mercantile Exchange. Natural gas was up 2.5% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced 3.9%, while the United States Natural Gas Fund (UNG) was 3.3% higher.Gold futures for May fell by 1% to $4,683.40 an ounce on the Comex. Silver futures advanced by 1.2% to $81.81 an ounce. SPDR Gold Shares (GLD) was 1.1% lower, and the iShares Silver Trust (SLV) rose by 0.6%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CCJ$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IX$IYE$IYH$IYJ$IYK$IYW$MNDY$MRNA$PAC$PMR$PRKS$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Research

Cameco Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$180

Stifel Canada on Wednesday maintained its buy rating on the shares of Cameco (CCO.TO, CCJ) and its C$180.00 price target following the company's first-quarter results."Cameco reported Q1/26 adjusted EPS of $0.47 vs. our $0.27 estimate (consensus: $0.34), adjusted EBITDA of $509Mln vs. our $405Mln forecast (consensus: $440Mln) on uranium sales of 7.8Mln lbs vs. our 7.9Mln lbs expectation, and adjusted attributable Westinghouse EBITDA of $122Mln vs. our $167Mln, reflecting normal variability in timing of work completion in its core business and compares with the FY26 guidance of US$370M-$430Mln (23% of midpoint). Overall, we are positive on the beat, and Q1/26 operating results look consistent with FY26 expectations with guidance maintained and the new three-year McArthur River/Key Lake collective bargaining agreement (CBA) removes a significant labor disruption risk to our estimates. Q1/26 average unit cost of sales of $58.13/lb (-18.5% QoQ) vs our $66.20/lb estimate reflects 0.750Mln lbs of product loan facilities used to meet delivery requirements (+$0.13 impact)," analyst Ralph Profiti wrote.Price: $164.73, Change: $+8.49, Percent Change: +5.43%

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Research

William Blair Initiates Cameco at Outperform

Cameco (CCJ) has an average rating of overweight and mean price target of $129.56, according to analysts polled by FactSet.

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