Should I Buy Cameco Stock in 2025? Expert Analysis for NZ

What is Cameco?

How much is Cameco stock?

The price of Cameco stock is down this week. As of now, Cameco trades at $59.15 USD on the NYSE, showing a 24-hour decrease of 2.09% and a weekly decline of 0.78%. The company’s market capitalization stands at $26.34 billion USD, with an average 3-month trading volume of 4.46 million shares. The stock’s price/earnings (P/E) ratio is 145.3, offering a modest dividend yield of 0.15%, and it has a beta of 1.21, indicating higher-than-average volatility.

Investors in New Zealand should bear in mind that while Cameco plays a key role in the global energy transition, share price movements can be rapid in this dynamic sector.

Our full analysis of the Cameco stock

Having reviewed Cameco Corporation’s latest financial results and the stock’s price action over the past three years, our in-depth analysis integrates a diverse range of data—spanning financial indicators, advanced technical signals, benchmarking against sector competitors, and market dynamics—processed through proprietary scoring algorithms developed for discerning investors. This multi-dimensional approach uncovers a compelling narrative for Cameco within the context of nuclear energy’s accelerating relevance. So, why might Cameco once again emerge as a strategic entry point into the clean energy and uranium sector in 2025?

Recent Performance and Market Context

Cameco (NYSE: CCJ) currently trades at $59.15 USD (29 May 2025), with a minor weekly dip of -0.78% and a yearly performance of -6.56%—noteworthy given its 52-week range of $35.00 to $62.55. The past six months have seen a correction of -34.31%, following a period of exceptional outperformance in 2023 and early 2024. During this time, trading volumes have surged, with the latest daily turnover at 7.19 million shares—161% above the 65-day average—pointing to continued institutional engagement despite recent consolidation.

• US Pro-Nuclear Policy Momentum: President Trump’s executive orders in May 2025 to boost US nuclear production and accelerate reactor deployment have reignited investor focus on uranium suppliers allied to Western markets.
• Resolution of Westinghouse Dispute: A January 2025 settlement has reinstated confidence in Cameco’s synergistic asset—its 49% stake in Westinghouse, a global pillar in advanced reactor technology.
• Dividend Growth and Distributions: The $49 million USD Westinghouse distribution in February marks a first post-acquisition cash flow, reinforcing Cameco’s strengthened capital returns outlook.
• Sector Tailwinds: The uranium sector is enjoying a synchronized structural uptrend, with projections from major brokers like Bank of America citing potential spot uranium prices near US$140/lb by 2027—reflecting robust demand from AI-driven data centre proliferation and energy transition targets globally.

Altogether, these factors form a backdrop in which Cameco stands as a premier, low-risk proxy for the global nuclear renaissance.

Technical Analysis

Cameco’s technical structure has evolved to display renewed momentum after a healthy multi-month correction from all-time highs. Key signals include:

• Relative Strength Index (RSI, 14 days): At 54.6, the RSI reflects a neutral, yet slightly bullish bias, indicating the stock is neither overbought nor oversold—a fertile foundation for upward moves.
• MACD (12,26,9): A positive MACD line at 0.73 confirms bullish momentum, having recently crossed above its signal line.
• Moving Averages:
• MA5: $58.88 (buy signal)
• MA50: $56.45 (buy signal)
• MA100: $53.88 (buy signal)
• MA200: $49.27 (buy signal)
• MA20: $60.11 (the only short-term sell bias, suggesting the correction is in its final stages)
• Support & Resistance:
• Immediate support converges at $58.51—close to the current price, presenting a technical floor for risk-managed entries.
• Resistance is nearby at $61.18, and a breakout above this band could unlock a retest of the 52-week high at $62.55.

The clustering of major long-term moving averages well below the current price band underscores structural upward momentum. Technical consolidation combined with clear recovery signals positions Cameco as a potentially attractive short- and medium-term entry.

Fundamental Analysis

The 2024 financials showcase an operation in robust health:

• Revenue Growth: Annual revenue soared by 21.18% to $3.14 billion USD, driven by both higher uranium volumes and pricing leverage.
• Profitability: Net profit came in at $172 million USD, with adjusted net earnings of $292 million USD. More impressively, adjusted EBITDA surged 73% year-on-year to exceed $1.5 billion—a sign of genuine margin expansion and operational leverage.
• Valuation: The stock’s P/E ratio is at 145.3—a level often reserved for leading-edge clean energy or technology stocks, arguably justified by Cameco’s growth prospects and scarcity value as a Tier-1 uranium supplier. Peer P/E ratios (especially in uranium and energy transition materials) support an industry premium, further validated by a forecast 30% price objective of $76.90 USD.
• Strategic Expansion: Cameco’s acquisition of a 49% stake in Westinghouse Electric unlocks vertical integration across the nuclear fuel cycle, enabling exposure to the reactor build-out supercycle. Planned uranium production is set to climb to 36 million pounds in 2025, underpinned by unrivaled, high-grade reserves.
• Structural Moats: As the largest Western-based uranium producer, with globally recognized reserves and operational scale, Cameco is uniquely positioned to benefit from long-term demand contracts (220 million pounds secured) and energy security trends.

These fundamentals underpin a narrative of operational strength, strategic foresight, and value creation, all of which align with secular growth in nuclear energy.

Volume and Liquidity

Trading volumes substantiate the market’s conviction:

• Volume: The recent surge to 7.19M shares per day (well above trend) suggests strong institutional participation and positioning ahead of structural catalysts.
• Liquidity and Float: With 435.32 million shares outstanding, of which 433.8 million form the public float, Cameco enjoys exceptional liquidity—ideal for both institutional and individual investors seeking efficient execution and low slippage. This healthy float also makes Cameco less susceptible to speculative volatility, anchoring its market valuation.

Sustained liquidity is key to value realisation, as it allows large positions to be built (or exited) without distorting price. This is crucial for NZ-based funds and retail investors alike, especially when seeking exposure to global nuclear trends.

Catalysts and Positive Outlook

Cameco enjoys multiple levers likely to drive outperformance well into the coming years:

• Nuclear Demand for AI & Decarbonisation: The explosion of AI workloads and digital infrastructure requires a rapid expansion of reliable, carbon-free baseload power—a demand that only nuclear can sustainably meet at scale.
• Strategic US Policy Support: Recent US executive orders specifically promote domestic uranium sourcing, directly benefitting Western-focused suppliers such as Cameco, whose assets are geopolitically aligned and reliable.
• Westinghouse Synergy: Ongoing distributions and new technology deployment deals (notably AP1000) open up further cash flows and margin expansion opportunities.
• Favourable Uranium Price Outlook: Major banks forecast spot prices potentially doubling by 2027, amplified by utilities moving to lock in long-term supply amid tight inventories.
• Long-Term Contracts and Capacities: Cameco’s 220 million pounds of secured uranium sales provide predictable cash flows—even before considering upside from future price hikes.
• ESG Credentials: As a lynchpin of the global transition to clean energy, Cameco’s assets and operational standards are increasingly aligned with responsible investing mandates, a major criterion for NZ institutional flows.
• Dividend Growth and Capital Returns: The announced intention to double the annual dividend by 2026 ($0.24 per share) demonstrates management’s confidence in cash generation, with upside for income-focused portfolios.

Each of these catalysts not only supports Cameco’s valuation but also contributes to a steadily improving risk-reward profile.

Investment Strategies

• Short-Term (Weeks):
• Momentum Trading: Given MACD and RSI trends, plus heavy volume at technical support, nimble entries at or near the $59 support area may benefit from short-term rallies toward resistance at $61–$62.
• Event-Driven Plays: Forthcoming dividend announcements or further US policy developments could trigger upward re-ratings.
• Medium-Term (Months):
• Positioning Ahead of Catalysts: Investors could use the current technical consolidation, after a healthy multi-month correction, to accumulate ahead of major H2 2025 news—especially those linked to uranium price moves, contract wins, or additional Westinghouse synergies.
• Reversion to Mean: With targets set at $76.90 (+30% upside), medium-term strategies could focus on holding through sector revaluation periods, as clean energy’s narrative intensifies globally.
• Long-Term (Years):
• Exposure to Energy Transition: Cameco represents a pure-play avenue into the core of the net-zero infrastructure buildout. Secular tailwinds—including AI, decarbonisation, and constrained global uranium supply—suggest a favorable risk-adjusted return profile for investors with a multi-year perspective.
• Dividend Growth Compounder: For those seeking rising income streams, Cameco’s runway for increased capital returns (with a dividend set to double) warrants serious attention.
• Ideal Positioning: Entries at technical cycle lows (the current zone) or ahead of visible catalysts (contract announcements, uranium policy shifts) seem especially well-timed for a blend of value and momentum exposure.

Is it the Right Time to Buy Cameco?

Summarising the myriad bullish attributes, Cameco unites:

• Sector-leading fundamentals—strong revenue and EBITDA growth, robust margin expansion, and a healthy balance sheet.
• A technical setup that appears to have completed its corrective phase and is now displaying clear signals of renewed momentum.
• Numerous catalysts, from rising uranium prices and demand for AI infrastructure to supportive government policies, underpinning sustained long-term growth.
• Institutional-grade volume and liquidity, making it suitable for all types of investors, from KiwiSaver funds to retail traders.

Given Cameco’s unique combination of strategic positioning, financial strength, and favourable industry tailwinds, the current price zone seems to represent an excellent opportunity to build or expand exposure to one of the most credible nuclear energy leaders worldwide. As nuclear energy cements its role at the heart of the global energy transition, Cameco stands poised not only to participate, but to lead—making the stock a strong candidate for renewed investor interest and future upside.

For investors seeking a blend of stability, structural growth, and exposure to the clean energy revolution in their NZ portfolios, Cameco’s present moment may well be a defining entry point to consider with conviction.

How to buy Cameco stock in New Zealand?

Buying Cameco stock online is now simpler and more secure than ever for investors in New Zealand. By opening an account with a regulated broker, you can easily purchase shares in this global uranium leader—either through direct (spot) buying or via Contracts for Difference (CFDs). Spot buying gives you actual ownership of the shares, while CFDs enable leveraged trading on Cameco’s price movements. Each method has different costs and benefits, so understanding them will help you make the best choice for your goals. Below, you’ll find a detailed comparison to help you select a broker that fits your needs.

Spot Buying

With spot (cash) buying, you purchase actual Cameco shares on the US market through your broker. This gives you legal ownership, including the right to receive dividends. For New Zealand investors, most brokers charge a fixed commission on US share trades, typically ranging from NZD 3 to NZD 8 per order.

Important example

Example: Suppose Cameco shares are trading at USD 59.15 (approx. NZD 96 at an exchange rate of 1.62), and your broker charges a NZD 5 commission. With a NZD 1,000 investment, after fees, you could buy about 10 shares (NZD 960 total + NZD 5 commission), leaving a small amount as cash.

✔️ Gain scenario: If the Cameco share price rises by 10% (to around NZD 105.60 a share), your holdings are worth NZD 1,056.
Result: +NZD 96 gross gain (approx. +10%) on your original NZD 1,000 investment.

Trading via CFD

CFD (Contract for Difference) trading lets you speculate on Cameco’s share price movements without owning the underlying shares. This approach is popular with active traders, as you can use leverage (often up to 5x for major stocks). With CFDs, you pay a spread (the difference between the bid and ask price) and an overnight financing fee if you hold positions for more than a day.

Important example

Example: You open a NZD 1,000 CFD position on Cameco with 5x leverage, meaning you control NZD 5,000 worth of exposure.

✔️ Gain scenario: If Cameco shares rise 8%, your position would gain 8% × 5 = 40%.
Result: NZD 400 profit (on your NZD 1,000 deposit), before fees.
Please note, leverage also amplifies your losses, and overnight fees will apply if the position is not closed within the day.

Final Advice

Before investing in Cameco shares, it’s crucial to compare brokers’ fees, available investment tools, and account conditions. These factors can impact your returns and experience considerably. Your choice between spot buying and CFD trading should be guided by your investment horizon, risk tolerance, and desired flexibility. To help with your decision, a detailed broker comparison tool is available further down the page.

Our 7 tips for buying Cameco stock

The latest news about Cameco

Cameco continues to benefit from strong financial momentum, with robust 2024 results and rising uranium demand. Annual revenue for 2024 climbed 21.18% year-on-year to $3.14 billion USD, and adjusted EBITDA grew over 73% to more than $1.5 billion USD—both beating analyst expectations, largely on the back of healthy uranium and nuclear fuel segment performance. This is particularly relevant for New Zealand-based analysts, as a growing number of global funds and managed KiwiSaver schemes increasingly look to nuclear-linked equities for energy transition exposure. Cameco’s dominant uranium market position and strategic integration with Westinghouse Electric enhance its appeal as an energy transition play for NZ investors seeking global diversification.

Technical indicators signal sustained buying momentum, underpinned by optimistic long-term fundamentals and institutional interest. Despite a modest 0.78% decline over the past week, Cameco’s trading volume surged to 161% above the recent daily average, indicating strong institutional engagement. Technical signals, including a positive MACD and upward-trending long-term moving averages (MA50, MA100, MA200), underscore continued bullish sentiment. With a 12-month price target of $76.90 USD (30% above current levels), Cameco remains a favorite among large global energy and infrastructure funds, many of which are present in Australasian portfolios.

Global pro-nuclear government initiatives, especially in the US, are strengthening the sector outlook and support the stock's rerating. Recent executive orders from the White House to stimulate the US nuclear industry, fast-track reactor deployment, and encourage domestic uranium production provide direct tailwinds for Cameco. For investors in New Zealand, these policies are pivotal: as local debates over nuclear remain nuanced, Kiwi institutional and retail portfolios gain indirect exposure to nuclear energy’s resurgence through international holdings like Cameco, especially as energy security and decarbonisation imperatives strengthen in the Asia-Pacific.

Strategic expansion through Westinghouse and long-term uranium contracts augments revenue stability and innovation exposure. Cameco’s 49% stake in Westinghouse Electric Company and a $49 million USD distribution in early 2025 mark a successful integration of downstream nuclear technology, providing predictable income streams amid commodity price volatility. Additionally, Cameco has secured long-term uranium supply contracts totaling 220 million pounds, further enhancing earnings visibility. These elements are attractive for NZ-based fund managers and sophisticated retail investors who prize consistent, innovation-driven returns in global equity allocations.

Favorable uranium price projections and increased future production underpin Cameco’s growth prospects, aligning with Asia-Pacific decarbonisation trends. Global financial institutions, including Bank of America, forecast uranium prices to reach up to $140/lb by 2027, while Cameco targets a production boost to 36 million pounds in 2025. This supply expansion is crucial as energy-intensive technologies such as AI and data centers accelerate clean electricity demand—an area of strategic dialogue and investment for New Zealand’s major retirement schemes and globally minded energy portfolios. Cameco stands poised to benefit from this confluence of technological and policy-driven demand in the Australasian context.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.