Why Did Cameco Stock Jump 16% This Week?
Key Points
The U.S. Commerce Department is teaming up with Cameco and an asset management firm to build $80 billion worth of nuclear reactors.
The deal is part of a larger agreement made between the U.S. and Japan.
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Shares of Cameco (NYSE: CCJ) rose this week, finishing up 16%. The move came as the S&P 500 gained 0.7% and the Nasdaq-100 gained 2%.
Cameco, the world's largest provider of uranium, saw its stock skyrocket after the company announced an $80 billion deal with the U.S. government.
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Cameco inks a major deal
On Tuesday, Cameco and Brookfield Asset Management announced a new partnership with the federal government worth $80 billion. The reactors will be powered with technology from Westinghouse Electric Company -- owned jointly by both companies.
Many details are unclear at this point, especially the degree to which the U.S. government itself will commit funds. The deal may include up to $100 billion from Japan as part of a $550 billion agreement reached during President Donald Trump's recent Asia tour.
Image source: Getty Images.
Only three nuclear reactors have been built since 2000. Once completed, the reactors would significantly boost demand for the uranium that Cameco sells. Analysts at RBC Capital, as well as Goldman Sachs, maintained their respective outperform and buy ratings following the news.
Nuclear is having a moment
Cameco is in a key position to capitalize on the current push for nuclear energy. I think this is a stock you want to own.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and Goldman Sachs Group. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
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