There is a growing demand for alternative fuels that are cleaner than conventional fuels. In addition to being one of the world’s most abundant metals, uranium is also increasingly being used as a power source. Since uranium is less radioactive once it has been depleted for energy use, once it has been depleted for energy use, it can be used for other applications.
In 2020, the government of the United States started to invest heavily in the mining of uranium, which contributed to a rise in stock prices that followed. As a result of uranium fueling nuclear power, the United States consumes approximately 20% of its energy and 10% of its electricity as a result of nuclear power.
Uranium Usage For Electricity Production:
A World Nuclear Association report estimates that 55 new nuclear reactors are currently under construction in countries including China, India and Russia, in addition to the United Arab Emirates. It should be noted that this figure does not include suspended construction in various countries, such as Ukraine, Japan, Brazil and others.
The worldwide number of nuclear power reactors, which are the most efficient and cost-effective forms of energy available, is around 440, 100 of them are planned or on order and 300 more are proposed, mostly in Asian countries, where electricity demand is expected to rise rapidly in the near future.
As of currently, the United States and the United Kingdom are leading the way in the world of nuclear energy, but China is anticipated to have the largest market for uranium in the world in the years to come. Approximately 10% of China’s overall energy needs will be supplied by nuclear power by 2030, the same year the government expects carbon emissions to more than double – but in the meantime, nuclear power will contribute 10% of its energy need.
It can be argued that electric use has two distinct impacts on the demand for uranium. In order to determine if a country has a strong economy, one of the best indicators of a solid economy is whether they use electricity, which is one of the best indicators of a healthy economy.
It has been found that uranium is increasingly being used to produce electricity as a fuel. The upsurge in electricity use is also fueling the demand for nuclear power and uranium, which is increasing the energy security situation. A product’s or service’s potential to earn a profit is what investors look for when they discover that there is a demand for the product or service.
Uranium stocks are showing price action indicative of possible increases in nuclear power adoption. As a result, uranium demand would continue to grow steadily. Overall, uranium stocks have been a mixed bag over the past year, with some prices up and others down. During the past 12 months, uranium prices have firmed up relative to the previous year. Although uranium price is not likely to rally euphorically, it is likely to trend upwards for the foreseeable future. Uranium stocks are likely to benefit from this. Companies will benefit from higher prices of uranium as several exploration and production projects are in the works.
In this article Stocks Telegraph is presenting you the 5 Best Uranium Stocks to invest.
Cameco Corporation (CCJ)
On Friday, shares in Cameco Corporation (CCJ) fell -3.47% to close the day at $22.53. The volume of shares traded was 4.97 million, which is lower than the average volume over the last three months of 6.66 million. During the trading session, the stock oscillated between $22.35 and $23.72. The company had an earnings per share ratio of -0.11. CCJ’s stock has gained 0.63% of its value in the previous five sessions and 6.37% over the past one month but has gained 3.30% on a year-to-date basis. The stock’s 50-day moving average of $22.99 is above the 200-day moving average of $24.17. Moreover, the stock is currently trading at RSI of 49.16.
According to a U.S. Securities and Exchange Commission filing, Global X Uranium ETF has reduced its position in Cameco Corporation (CCJ) to 14,233,919 shares, mirroring a recent drop by 0.00%. Global X Uranium ETF dumped 0.0 shares of Cameco Corporation common stock bringing its total worth to about $299.2 million at the end of recent close, SEC documents show. American Funds Capital World Grow cut their holdings by 0.00% in the company over the course of the most recent quarter. It now holds a 1.86% position in Cameco Corporation thanks to 7.4 million shares amounting to $155.55 million.
Uranium Energy Corp. (UEC)
Uranium Energy Corp. (UEC) stock subtracted -7.45% to finish last trading session at $3.23. The stock recorded a trading volume of 7.7 million shares, which is below the average daily trading volume published for the last 50 days of 13.13 million shares. The shares of Uranium Energy Corp. have advanced -4.15% in the last five days; however, they have lost -0.92% over the last one month. The stock price has shed -37.04% over the last three months and has gained 46.82 percent so far this year. Additionally, it has a price to sales ratio stands at 45.01.
Looking at the support for the UEC, a number of firms have released research notes about the stock. Canaccord Genuity stated their Speculative Buy rating for the stock in a research note on June 13, 2022. Canaccord Genuity coverage for the Uranium Energy Corp. (UEC) stock in a research note released on April 22, 2022 offered a Hold rating. Canaccord Genuity coverage for the Uranium Energy Corp. (UEC) stock in a research note released on April 22, 2022 offered a Hold rating. Canaccord Genuity was of a view on October 14, 2020 that the stock is Speculative Buy, while ROTH Capital gave the stock Buy rating on October 25, 2017. H.C. Wainwright on their part issued Buy rating on June 09, 2015.
Energy Fuels Inc. (UUUU)
Energy Fuels Inc. (UUUU) stock subtracted -8.09% to finish last trading session at $5.34. The stock recorded a trading volume of 1.97 million shares, which is below the average daily trading volume published for the last 50 days of 3.72 million shares. The shares of Energy Fuels Inc. have advanced -2.02% in the last five days; however, they have gained 2.30% over the last one month. The stock price has shed -38.27% over the last three months and has gained 3.09 percent so far this year. Additionally, it has a price to sales ratio stands at 262.07.
HIGGS DENNIS LYLE, Director, of Energy Fuels Inc. (UUUU), sold 5,000 shares of Energy Fuels Inc. stock in an exchange that took place on Apr 14. Total sale value was $67,877 at an average price of 13.58 per share. As of the close of the Sale, Director now directly holds 284,837 shares of the organization’s stock, which is now worth about $1521029.58. The deal was disclosed in a Securities & Exchange Commission legal filing, which can be publicly viewed on the SEC website.
Ur-Energy Inc. (URG)
Ur-Energy Inc. (URG) has advanced 0.96% at $1.05 in after-hours trading hours on the last check Friday. The stock of URG lost -5.45% to complete the last trading session at $1.04. The price range of the company’s shares was between $1.04 and $1.11. It traded 1.42 million shares, which was below its daily average of 2.33 million shares over 100 days. URG’s shares have dropped by 0.00% in the last five days, while they have subtracted -3.70% in the last month. Further, it is currently trading at a price to book ratio of 3.47.
The Williams Percent Range or Williams %R is a well-known specialized pointer made by Larry Williams to help recognize overbought and oversold circumstances. Ur-Energy Inc. (AMEX: URG)’s Williams Percent Range or Williams %R at the time of writing to be seated at 59.36% for 9-Day. A different time span is also taken into account when this calculation is made.
In the current state of affairs for this organization, Williams percent return is sitting at 59.36% for 14-Day, 72.10% for 20-Day, 83.79% for 50-Day and to be seated at 91.09% for 100-Day in the near future. Relative Strength Index, or RSI (14), which is a technical analysis gauge, also used to measure momentum on a scale of zero to 100 for overbought and oversold.
Denison Mines Corp. (DNN)
Denison Mines Corp. (DNN) shares were falling 0.00% to trade at $1.05 in after-hours at last check. DNN’s stock lost -7.08% to close Friday’s session at $1.05. The stock volume remained 3.35 million shares, which was lower than the average daily volume of 6.58 million shares within the past 50 days. DNN shares have risen by 1.94% over the last 12 months, and they have moved up by 0.96% in the past week. Over the past three months, the stock has lost -30.46%, while over the past six months, it has shed -16.00%. Further, the company has a current market of $927.20 million and its outstanding shares stood at 814.79 million.
The price of DNN recently witnessed a 5-day gain of 0.96% with 0.07 average true range (ATR). The stock now has a beta of 1.93 while its RSI stands at 47.73.
Denison Mines Corp. engages in the acquisition, exploration, development, extraction, processing, selling of, and investing in uranium properties in Canada. Its flagship project is the 95% interest owned Wheeler River uranium project located in the Athabasca Basin region in northern Saskatchewan. The company was formerly known as International Uranium Corporation and changed its name to Denison Mines Corp. in December 2006. Denison Mines Corp. was founded in 1997 and is headquartered in Toronto, Canada.