Will These Uranium Stocks Keep Gaining In The Market?
One big sector of the market at the moment is Uranium. It’s already a huge industry with mines all over the world. But Uranium is also an industry that has been impacted by COVID-19 as well. COVID caused Uranium stocks to reach levels they had not seen since the 2011 Fukushima Daiichi nuclear disaster in Japan. That event shut down major supply sources. Yet this recent uptick was not caused by changing uranium prices or government related things. One analyst believes that there is a uranium short squeeze happening by Reddit traders. The analysts, Greg Barnes of TD Securities, stated that on February 1st a subreddit named r/UraniumSqueeze was created.
A few days later, the page had more than 686 members. Now the group has reached more than 3,000 members. Uranium investors are unsure how much these retail investors are affecting the price of the energy. It seems like retail investors might be a new trend that is here to stay. A partner at Segra Capital Management, Arthur Hyde, said that retail could’ve been a part of it, there was “also real capital moving into the market and taking a position in a market that’s roughly thin and illiquid.”
The GameStop situation showed people involved in uranium that crowdsourced support can make a big impact on any type of asset. Regardless of the reason for uranium’s recent gains, it is clear that this has created plenty of uranium stocks to watch at the moment. Many uranium stocks are at or near all time or one year highs at the moment. Let’s take a look at four uranium stocks that have been trending in the market throughout 2021 so far.
Top Uranium Stocks To Watch
- Uranium Energy Corp. (NYSE: UEC)
- Energy Fuels Inc. (NYSE: UUUU)
- Cameco Corporation (NYSE: CCJ)
- Denison Mines Corp. (NYSE: DNN)
Uranium Energy Corp.
The first uranium stock to watch is Uranium Energy Corp. This mining stock has greatly increased in value recently. Uranium Energy is a corporation that will explore, extract, and process uranium and titanium concentrates. It operates out of the United States, Canada, and Paraguay. Currently Uranium Energy Corp. has interest in the Palangana mine, Goliad, Burke Hollow, Longhorn, and Salvo projects. These projects are located in Texas, Arizona, Corlorado, Wyoming, Canada, and Paraguay. So why is Uranium Energy Corp. increasing in stock price?
Back in January the company commenced its 2021 production area development. This began at its Burke Hollow ISR project in South Texas. The company also announced back in December that the United States Federal Government omnibus spending bill passed by congress was a plus for the company. It included $75 million for initial funding of the 10 year U.S. Uranium Reserve. It also saw a legislative backstop for newly extended Russian uranium import limits. UEC stock’s main driver at the moment is the price of uranium increasing significantly.
Energy Fuels Inc.
The next uranium stock to watch is Energy Fuels Inc. Energy Fuels is a uranium company that will extract, recover, explore, and sell 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 evaluating. Most of its assets are located in Utah, Wyoming, Arizona, Colorado, and New Mexico. Let’s take a look at its recent performance in the market.
On March 9th, the company received its first shipments of natural monazite ore. The company will be commencing commercial recovery of rare earth minerals in the next few weeks. The CEO of Energy Fuels, Mark S. Chalmers stated, “This weekend’s shipments of monazite ore from Chemours to Energy Fuels marks the beginning of operations for what we believe will become a burgeoning supply chain. There is a lot of excitement building for rare earths, because they make many clean energy and advanced technologies possible, including electric vehicles, wind generation, batteries and advanced electronics.”
The next uranium stock to watch is Cameco Corporation. Cameco is a mining company that primarily produces and sells uranium. The company’s two segments of the company are uranium and fuel services. Its uranium section will mine, mill, and purchase or sell uranium concentrate. The main uranium property is the Cigar Lake property located in Canada. Its fuel services section will refine, convert, and fabricate uranium concrete, and purchase or sell conversion services. Let’s have a look at its recent market performance.
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Cameco’s latest update was that it has sold an aggregate 5 million common shares in UEX Corporation at $0.30 per common share. This will result in proceeds of $1,501,500. This was completed through various stock exchanges.
Denison Mines Corp.
The final uranium stock to watch is Denison Mines Corp. Denison is a uranium exploration and development corporation. Its main project is the Wheeler River Uranium project located in the Athabasca Basin region in Saskatchewan. It has a 90% interest in this property. Let’s take a deeper dive into Denison’s recent market performance and stock price.
Denison reported on March 4th that it has had significant project and company de-risking. David Cates, the President and CEO of the company said, “Confronted with the varied challenges of the global COVID-19 pandemic, Denison’s resilient teams excelled in 2020 and early 2021 – accomplishing a significant de-risking of our flagship Wheeler River project and the Company’s balance sheet.” Many of its properties achieved key milestones in production and budgeting. That is the most recent that has come from Denison.
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