| HOLD | 37.390 | Robert Floyd | Uranium is going through a bottoming process. Had a number of issues with Cigar Lake is taking a long time to bring it back on strength. Recently announced an acquisition in Australia to diversify their holdings. Australia has controls with regards to expansion of uranium, which is a limiting factor. Prefers some of the smaller players. (See Top Picks.) | 2008-07-23 | |
| Comment | 41.360 | Charles Oliver | Big believer in peak oil. Nuclear power is part of the solution. China is building about 40 nuclear plants and there is talk of plants being built in Saskatchewan and Alberta. Very attractive stock with a world-class asset. | 2008-07-07 | |
| TOP PICK | 42.500 | Bill Carrigan | Thinks that a lot of the alternate energy plays are not going to work but uranium is here to stay. This is a long-term theme. | 2008-07-03 | |
| TOP PICK | 38.860 | Paul Harris, CFA | Likes the uranium business. Fundamentals are very strong. They are the lowest cost producer with the best assets. Thinks they are on target to get Cigar Lake mine going again by early 2009. | 2008-06-25 | |
| HOLD | 37.900 | Pat McKeough | If you own, he would be inclined to Hold. If it were a big part of your portfolio, he would Partially Sell. The stock does not have an immediate attractive outlook. | 2008-06-20 | |
| DON'T BUY | 41.180 | Stephen Carlin | Uranium is currently trading at about $60 a pound and is getting to levels that represent the marginal cost to bring on a new mine so thinks that uranium has bottomed. This company still has to get Cigar Lake up and running and have some Port Hope issues. | 2008-06-03 | |
| DON'T BUY | 40.320 | Laura Wallace | Have had problems with Bruce Power and Cigar Lake. Trading at about 1.5X asset value so thinks it will tread water here or go down to a more attractive price such as $35. | 2008-05-23 | |
| TOP PICK | 42.840 | Gavin Graham | Down 22% over the last year. With a focus on the green environment this is the non-CO2choice. Largest producer of uranium in the world. Buy this one as a laggard. You have decent growth. | 2008-05-20 | |
| DON'T BUY | 41.590 | Derek Webb, CFA | Uranium prices have been coming down for the last year in spite of the stronger oil prices. At some time this will be a great buy but he doesn’t know when this is going to happen. | 2008-05-16 | |
| DON'T BUY | 40.760 | Brian Acker, CA | His model price is $37.21, about an -8% differential. | 2008-05-08 | |
| HOLD | 35.100 | Robert Floyd | A lot of the uranium stocks are in bottoming phases. Uranium spot price has traded down to the $65 area. Long-term contracts themselves are trading in the $90 area. As the economy starts to move again, this is an area that will resurface and will spark to life. Would consider adding to it on weakness. | 2008-04-29 | |
| Comment | 37.100 | Duncan Stewart | Seems to have a jinx. Close to its lows. Taking the right steps in the right direction for the flooding at Cigar Lake. | 2008-04-25 | |
| Comment | 37.100 | Duncan Stewart | Seems to have a jinx. Close to its lows. Taking the right steps in the right direction for the flooding at Cigar Lake. | 2008-04-25 | |
| Comment | 38.510 | Gordon Higgins, CA, MBA, CFA | One factor weighing on the stock is the big drop in the price of uranium. Also had some flooding problems with one of their mines. You have to believe in uranium prices to buy this at the current level, otherwise it will be flat. | 2008-04-17 | |
| Comment | 37.510 | Bruce Campbell | Their problem in Saskatchewan started the whole higher run in uranium. He feels uranium prices are at nice levels now and they go up higher. Looking to start a uranium mail in Alberta, which normally takes 4 to 5 years. Early days, so it is not built into anything yet. | 2008-04-11 | |
| BUY on WEAKNESS | 33.990 | Norman Levine | Would like to own the stock at a lower price. | 2008-03-27 | |
| HOLD | 34.500 | Peter Brieger | China will have a huge demand for resources, energy and uranium in the future. Wouldn’t buy at this price, prefers the competition. Would hold at this price. | 2008-03-19 | |
| BUY | 39.360 | Michael Smedley | Have started plugging successfully at Cigar Lake. Utilities have started buying uranium again. | 2008-03-13 | |
| SELL | 38.060 | John Zechner | Thinks the uranium story is winding down and that uranium prices will be $40-$50 3 years out. This company has had their own production issues to deal with. Not that attractive. | 2008-03-06 | |
| BUY | 38.930 | Michael Sprung | Recent 4th quarter was a little bit disappointing as uranium prices they were getting was lower than expected. Also, operating costs have been getting very high. Have also lowered their production estimates for next year going forward, it is the standard in the uranium industry. | 2008-03-05 | |
| DON'T BUY | 38.830 | David Burrows | We are in a market where you are seeing an arbitrage amongst a bunch of different types of energy production. Natural gas prices are starting to come more in line with oil with BTU. The same with coal. Market is pretty well supplied with uranium currently. You can see this in the pricing. A lot of nuclear plants are being built. This will continue and ultimately uranium prices will move higher. Wait until the group turns higher. | 2008-03-03 | |
| DON'T BUY | 38.550 | Robert Floyd | Prefers others in the uranium field. Had issues with Cigar Lake in terms of production delays. Looks like they are going to continue to have issues for the next couple of years. Would prefer Denison (DML-T) or Paladin (PDN-T). | 2008-02-29 | |
| TOP PICK | 36.880 | Paul Harris, CFA | Has the best uranium deposits in the world. This is a very simple dynamics on uranium. There are 442 nuclear reactors around the world. That requires 180 million pounds of uranium a year. In 2005 110 million pounds of uranium was produced. There have been a lot of problems and there is not a lot of supply coming on board. | 2008-02-21 | |
| BUY | 32.320 | Paul Gardner, CFA | Because the Cigar Lake, this will be dead for a couple of years. However, there will still be the ultimate demand for uranium and this is the only play out their at reasonable levels. Good long-term assets and management. | 2008-02-05 | |
| TOP PICK | 33.530 | David Baskin | This is a uranium company that has the ore in the ground and will have that even if they have difficulty in getting it out of Cigar Lake. Huge demand for uranium for fuel is going to hit us 8 to 10 years from now. | 2008-02-04 | |
| SELL | 34.090 | Laura Wallace | (Market Call Minute.) Expensive relative to its earnings potential. | 2008-01-30 | |
| PAST TOP PICK | 34.630 | Robert Lauzon | (A Top Pick in June 28/07. Down 34.6%.) Largest producer of uranium globally. Have had problems with certain mines. The production they sold over the last 5 years at reduced prices will be getting higher prices. Sees earnings improvement of 15%/20% over the next 5-10 years. Buy on any pullback. | 2008-01-28 | |
| DON'T BUY | 34.850 | Gordon Higgins, CA, MBA, CFA | Had troubles with flooding in their Cigar Lake mine. They have been able to stem that and got fixed a little earlier than expected. Uranium prices have dropped. To spur this one, you would really have to see uranium prices spike up, which doesn't look like it is going to happen in the near term. | 2008-01-25 | |
| DON'T BUY | 35.300 | David Burrows | (Market Call Minute.) Uranium stocks look promising but this one still has its issues. | 2008-01-18 | |
| WAIT | 35.500 | Brian Acker, CA | His model price is $41.28, a 14% positive differential. The bottom is $31.60 and look for a big bounce there. | 2008-01-17 | |
| TOP PICK | 41.000 | Gavin Graham | Has dropped because spot uranium prices have come down and the flooding of Cigar Lake mine. It will be back on in 2011. The price of their long-term contracts keeps on being re-priced. Earnings will be up 35% to 40%. | 2008-01-02 | |
| BUY on WEAKNESS | 35.600 | Norman Levine | Would love to be in the uranium business had have been being looking at it. Still early. Have some internal operational problems. Would be more reasonable in the low $30's. | 2007-12-18 | |
| BUY | 37.100 | Alex Ruus | Thinks that some of the big cap uranium stocks such as Cameco (CCO-T), Uranium One (UUU-T) and Denison (DML-T) are Buys at this point. They are all looking pretty interesting and the valuations are looking quite attractive. It will be volatile, but good long-term plays. | 2007-12-13 | |
| SELL | 37.100 | Paul Harris, CFA | The problems here are more related to the company than they are to uranium. Feels uranium will continue to do well. Consider moving into other uranium companies. You could consider buying Uranium Participation (U-T). | 2007-12-13 | |
| DON'T BUY | 38.420 | Robert Floyd | Uranium. Probably down at a reasonable spot for purchase, but they continue to report very troubling news out of Cigar Lake regarding water problems and delay of production. Prefers others. | 2007-12-11 | |
| WEAK BUY | 41.630 | Robert Lauzon | Largest producer of uranium in the world. Encountered many problems over the last few years. Management has a lot of work to do to build back credibility. Cigar Lake will take about 5 years to get back in order. Some contamination in their Port Hope facilities. Potential sulphuric acid problems in Kazakhstan. Russia wants to renegotiate a contract. As they iron out these problems, the stock should trend higher. Tried to buy at $35-$40. | 2007-11-29 | |
| BUY | 41.630 | David Baskin | He is bullish on uranium, which is going to be a long story. Building and operating a nuclear facility is a minimum of a 5-year story. Has always liked this one as the senior producer. There really aren't many other places you can go. Have had a rough year. | 2007-11-29 | |
| BUY | 40.650 | Derek Webb, CFA | Funnily looks like they are getting their act together. Starting to see some positive earnings momentum as some of the long-term contracts are falling off. He is very bullish on uranium. | 2007-11-28 | |
| WAIT | 40.830 | Norman Levine | Uranium became a speculative bubble and stocks went through the roof and then collapsed. This company is still the largest and highest quality uranium producer in the world. He is looking for an entry point a little bit lower than this. | 2007-11-20 | |
| DON'T BUY | 42.220 | Cameron Webster | The issues here are more execution all and whether you get increased capacity. They have a huge asset, but it has to be developed to make some money off it. The other issue is there elongated contracts where they are not necessarily getting full benefit of the spot price. With this one, you are relying on high long-term energy prices. Prefers Uranium Participation (U-T). | 2007-11-14 | |
| PAST TOP PICK | 41.810 | Bill Carrigan | (A Top Pick Dec 6/06. Down 5.9%.) It is higher now than it's low in August, so it remains one of the stronger uraniums. If you liked the long-term story of uranium, this is probably the way to go. He likes the long-term story. | 2007-11-13 | |
| WEAK BUY | 45.950 | Michael Sprung | Missed most of the move of uranium over the last couple of years. Prices have pulled back despite supply being sharply curtailed by this company. Their will more of a demand for uranium. If you have a long view, 5 years or more, you’ll probably do OK. | 2007-11-06 | |
| Comment | 44.350 | Andrew Guy, CFA | Long-term outlook for uranium is good but in the next little while will be volatile. More nuclear plants are being built. It is difficult to get approval for uranium mines. Would prefer below $40. | 2007-11-02 | |
| DON'T BUY | 42.900 | Brian Acker, CA | Feels there is more potential downside on this company. He sold it when it got above the $47 mark. His model price is $42.64. A negative 8% differential. Would consider it if they got back to the $38 area. | 2007-11-01 | |
| DON'T BUY | 42.900 | Paul Harris, CFA | One of the troubles he has with this company is the lack of visibility. Uranium prices are starting to go back up again but there is a question on when Cigar Lake will be back running. Difficult to evaluate the company. | 2007-11-01 | |
| BUY | 46.550 | Michael Smedley | This is a real company. Denison (DML-T) looks like it will become a real company. The rest of them are all try-ons and are having problems. | 2007-10-31 | |
| BUY | 48.180 | Dennis Dasilva | Represent over 20% of the Uranium in the world. Have had some missteps, but they are worth having in your portfolio. They have some legency contracts which will be expiring in the next couple of years which will be re-newed at higher prices. | 2007-10-30 | |
| WEAK BUY | 48.700 | Stephen Carlin | Awfully frustrating name over last couple of years. Very attractive at this price. Uranium prices seemed to have settled now. Lots of new nuclear facilities are being built. Think uranium prices will get better from here. Good upside. | 2007-10-25 | |
| PAST TOP PICK | 45.610 | David Baskin | Then 39.08
It's been a roller coaster ride. Have ongoing problems in Asia with their gold property. They've got a radio active clean up problem in Port Hope. They've got cigar lake water filtration problem in Saskatchewan. So the stock sold off. (Plus the spot uranium prices have peaked.)
But... Uranium is a long story, not a short story. In the next decade the demand for Uranium is going to sky rocket.
If you are holding a stock for the long run with reserves it will do well. | 2007-10-23 | |
| PAST TOP PICK | 43.510 | Bill Carrigan | Then $44.26 down 1%
Was hit by some bad news, he bet on a laggard. It's still a laggard.
As a long term play still has possibilities, but it's risky right now. | 2007-10-17 | |
| VAGUE | 44.310 | Peter Hodson | Contracts were sold at lower price which hurt them. They have had issues with their mines. | 2007-10-15 | |
| SELL | 42.050 | David Burrows | When you are in a market that is doing reasonably well and the positions you own are not participating, you should look elsewhere. In the last 6 or 7 weeks, there has been a very strong rebound in the equity markets and the stock is not participating. | 2007-10-04 | |
| TOP PICK | 42.050 | John O'Connell, CFA | Uranium is trading around $80 and he thinks $75 is sustainable. Big users of uranium did a lot of their buying earlier in the year. Trading at around 1.2 NAV compared to its peers of 2. Just announced a very aggressive share buyback program. Own a big chunk of a gold company and wouldn't be surprised if they sold that. | 2007-10-04 | |
| DON'T BUY | 44.600 | Michael Sprung | He has no exposure to uranium. This one has pulled back a bit, but they have had a lot of problems. Their Cigar Lake will take a while to get back into production. | 2007-10-01 | |
| BUY | 45.200 | Brendan Kyne | Expects the sell-off of uranium is now over. Stocks have started to move up. Would own the larger companies that are more liquid. | 2007-09-24 | |
| TOP PICK | 45.200 | Michael Smedley | British government is getting very close to turning on nuclear power stations. Thinks the pressure for uranium is back on. | 2007-09-24 | |
| DON'T BUY | 45.510 | Peter Brieger | Wouldn’t buy at today’s price. Like underlying commodity. Is expensive on a price-to-cash flow basis. Has had problems. | 2007-09-13 | |
| DON'T BUY | 44.400 | John Zechner | Uranium story is over for now and thinks uranium will settle out in the $40 to $50 range. Can't justify the current price of this stock. | 2007-09-12 | |
| BUY | 40.650 | David Baskin | Has a number of issues. Problems with their Cigar Lake mine, the price of uranium is falling, have some asset-backed paper on their books. However, they have more uranium in the ground than anybody. Actual demand for uranium will rise around 2011 and the world supply is not adequate enough to meet it. | 2007-08-23 | |
| BUY | 41.450 | Brian Acker, CA | Model price is $41.12, which is a 6.5% upside. | 2007-08-22 | |
| Comment | 39.250 | Bill Carrigan | If you are going to own any in the uranium group, this is the one he would probably own. When push comes to shove, institutional investing will probably buy this one. He is not a fan of the sector at this time. | 2007-08-20 | |
| DON'T BUY | 41.380 | Robert Floyd | Still reporting some poor results. Cigar Lake recovery looks like it is going to be pushed out a little further. They're contracted price for uranium is a lot lower than spot. | 2007-08-10 | |
| DON'T BUY | 42.140 | Laura Wallace | Likes the longer-term outlook for uranium but this one is very expensive for a cyclical company. One of the few large cap plays in the sector. Trading at 28-30 X earnings. | 2007-08-02 | |
| DON'T BUY | 41.780 | Veronika Hirsch | In the long run, would prefer Paladin (PDN-T) better. Not sure where uranium prices are going. I've had a lot of things go wrong for them. | 2007-08-01 | |
| BUY | 43.300 | John O'Connell, CFA | Had a big jump off its lows with huge volumes yesterday. Very attractive returns going forward. | 2007-07-31 | |
| Comment | 42.850 | Bill Carrigan | The trend line was up from Nov/06 to Jun/07 and then the pattern was broken to the downside. Every time this has gone up, its competitors have gone down and vice versa. This is not happening now and money is getting nervous. If you must be in uranium, this would be the company. | 2007-07-30 | |
| DON'T BUY | 43.000 | Brian Acker, CA | The model prices $44.32, which is a positive 3% differential. This is the first positive differential he has seen on this company for some time. | 2007-07-27 | |
| PARTIAL BUY | 42.850 | Brendan Caldwell | If you are looking at uranium out over several years or decades, he cannot see it being out of favour. It is one of the few alternatives we have to middle eastern energy. Both for environmental and political reasons, we will be reducing our reliance on oil. Don't buy a full position, but perhaps only a third. | 2007-07-24 | |
| BUY | 48.680 | David Baskin | The senior producer in North America. Terrific entry price. Have had more problems at Cigar Lake mine. | 2007-07-17 | |
| TOP PICK | 53.430 | Robert Lauzon | Very liquid.
Looking at 2009 numbers the stock is very cheap.
Trades between $50 and $60. They produce 20% the worlds uranium. They've bought between $40 and $53. | 2007-06-28 | |
| BUY | 57.830 | John O'Connell, CFA | Uranium prices have had a great run. Not sure if this is sustainable in the long-term. | 2007-06-19 | |
| BUY | 57.270 | Alan Blake | Doesn't expect the cigar lake to get going until 2010-2012. But they are the largest uranium producer and has the worlds largest deposits, so they are confident they will get this going.
The key thing though is that they have long term contracts paying $35 a unit which are now rolling over and will continue to do that over the next 2 to 3 years. When they renew they will get the new prices which will give tons of cash flow.
Suggests buying a cross section of the companies in this sector, as some are getting new contracts currently, (Denison Mines Corp DML-T sxr Uranium One Inc. SXR-T) Signing contracts today with $90 floors and no ceilings.
| 2007-06-14 | |
| DON'T BUY | 54.380 | Norman Levine | Caller asked for company which did Uranium enrichment. He suggests Cameco, as it pulls it out of the ground and does the enrichment.
But he doesn't recommend buying Uranium stocks right now. | 2007-06-12 | |
| DON'T BUY | 54.950 | Laura Wallace | The only way to play large cap uranium, but it's very expensive.
Trading at 40 times earnings.
Too much positive anticipation when they really not going to realize the extent of the spot price. Buy at the 25 times earnings range. | 2007-06-08 | |
| DON'T BUY | 55.520 | Laura Wallace | Uranium stocks have been on fire. Likes the long-term outlook for uranium. At the spot price of $125, this company is only realizing about $20 because of their long-term contracts. Trading at over 50 X multiple of earnings. | 2007-05-23 | |
| TOP PICK | 55.680 | Dennis Dasilva | Largest and lowest cost producer in the world. Operates the largest mine in the world. Face some legacy issues in terms of many of their older contracts that they have to sell to what into at reduced prices. Top-notch technical team. They will bring Cigar Lake into production in 2010-2011. | 2007-05-17 | |
| HOLD | 55.690 | Peter Brieger | If you are a long-term investor, stay with this one. If uranium prices continue to do what they do, and once they get their affairs back in shape, it will be a dandy long-term bet. | 2007-05-16 | |
| DON'T BUY | 55.070 | Brendan Kyne | Their growth profile in uranium was based on Cigar Lake and its loss should not be underestimated. Continuing to make acquisitions of small exploration companies. Profitability curve is capped out.. | 2007-05-10 | |
| HOLD | 55.750 | Don Vialoux | Just recently a gorgeous breakout. Sensitive to what is happening in uranium prices. The stock is in gear, stick with it for now. | 2007-05-05 | |
| DON'T BUY | 51.700 | Michael Sprung | Feels all the uranium stocks he looks at our priced for perfection. They all could have fairly substantial downside if an accident where to happen. | 2007-04-27 | |
| DON'T BUY | 52.130 | David Burrows | Recently had flooding in their Cigar Lake mine. The question is, when and if they can get it running. Would prefer Denison (DML-T) or Paladin (PDN-T). | 2007-04-24 | |
| PAST TOP PICK | 53.360 | Gavin Graham | (A Top Pick May 3/06. Up 13%.) Still likes. | 2007-04-23 | |
| DON'T BUY | 54.760 | Norman Levine | Now getting caught up with the uranium euphoria. Still ahead of itself. | 2007-04-16 | |
| DON'T BUY | 51.690 | Brendan Kyne | The significance of Cigar Lake cannot be underscored. Expects the repair will take longer than the estimated 3 years. They buy a lot of uranium from the Russian government, who he doesn't trust. | 2007-04-11 | |
| PAST TOP PICK | 54.060 | David Baskin | (A Top Pick Nov 21/06. Up 38.7%.) Development costs of Cigar Lake are significant, but lifting costs from their come of uranium, are only $10 a pound. $100 uranium is not sustainable, but this company makes money on $40-$50 uranium. | 2007-04-09 | |
| BUY | 53.110 | Dennis Dasilva | A Catch-22 situation. Have had flooding at Cigar Lake. This is actually helped it by forcing uranium prices up. They think they can get it back on in 2010. If you like exposure to uranium, this is a core holding. | 2007-04-05 | |
| TOP PICK | 47.300 | Robert Lauzon | Street doesn't like it with its hedging of $30. Over time, these hedges will roll off. When that happens, there will be a huge uplift in earnings and cash flow. Treat it as a 3 year investment. Largest producer of uranium and the lowest-cost in the world. | 2007-03-30 | |
| DON'T BUY | 46.150 | Brendan Kyne | Have extended their start up for Cigar Lake to 2010, which he feels is optimistic. They buy a lot of refined uranium from the Russians and there is no guarantee those contracts will be cancelled. | 2007-03-28 | |
| PAST TOP PICK | 45.910 | Bill Carrigan | (A Top Pick Dec 6/06. Up 3.7%.) Thinks it will go higher. | 2007-03-27 | |
| PAST TOP PICK | 46.780 | Gavin Graham | (A Top Pick May 3/06. No change.) Cigar Lake mine was flooded. Uranium prices are hedged and will be re-hedged at higher prices. Still a Buy. | 2007-03-26 | |
| DON'T BUY | 45.180 | Kyle McKay | Just announced their remedial plans for Cigar Lake. Market was neutral. Hoping to start is a production in 2010. Still no valuation on their reserves. A lot of uncertainties. Prefers others. | 2007-03-19 | |
| DON'T BUY | 43.500 | Laura Wallace | Uranium prices have had a tremendous move. There is still good demand, but stocks have moved pretty dramatically in response. Very expensive relative to its underlying earnings. Its fixed price contracts are beginning to roll off. | 2007-03-14 | |
| PAST TOP PICK | 43.500 | David Baskin | (A Top Pick March 27/06. Up 7.1 %.) Their big problem was the flood at their Cigar Lake property in Saskatchewan. Still likes. | 2007-03-14 | |
| Comment | 44.240 | Ross Healey | With energy shortage globally, countries are being driven to invest in nuclear. The downside is that uranium has gone absolutely ballistic. This company is in the catbird’s seat. Has excellent long-term potential. FMV is quite a bit higher than the current price. | 2007-03-07 | |
| DON'T BUY | 43.290 | Bruce Campbell | Looks like it is at least 2 years before the Cigar Lake mine can be fixed. Prefers the others that are beneficiaries instead of having the complications of this one. | 2007-03-06 | |
| DON'T BUY | 42.670 | Peter Grandich | Not a big fan. Cigar Lake is still in danger of being greatly delayed or unable to reach its potential. Stock is trending down. | 2007-03-05 | |
| DON'T BUY | 42.560 | Peter Brieger | Very keen on uranium as a commodity. He prefers Uranium Participation (U-T), which is a holding company and eliminates the exploration risk. Also likes Fronteer (FRG-T) and Aurora (AXU-T). | 2007-03-02 | |
| HOLD | 43.560 | Norman Levine | The world's largest leading uranium company. Have problems with its major new mine, which is holding its back. | 2007-02-27 | |
| BUY | 43.280 | Stephen Carlin | Very attractively priced. Strongly believes they will remediate the flooded Cigar Lake mine. Will be able to maintain lost production through other mines they have. | 2007-02-14 | |
| PAST TOP PICK | 43.600 | David Baskin | (A Top Pick Nov 21/06. Up 11.6%.) Still likes the company because he is positive on uranium, but nervous about Cigar Lake. Still likes. | 2007-02-13 | |
Experts that have talked about Cameco Corporation
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