2 Nuclear Energy Stocks I'd Buy in November

The AI trade is losing some of its luster, and energy stocks and other AI-related stocks have been caught in the sell-off. Nuclear stocks have struggled most of 2026, but the long-term investment thesis around nuclear energy hasn't changed, making this sell-off a buying opportunity.

Technology companies need enormous amounts of reliable electricity to run AI data centers. Meanwhile, governments and corporations want to meet growing energy demand without sacrificing emissions goals, and nuclear power is an ideal solution. With the United States and numerous other countries committed to at least tripling nuclear capacity by 2050, the nuclear story extends way beyond data centers.

The recent pullback in nuclear energy stocks has made Cameco (NYSE: CCJ) and BWX Technologies (NYSE: BWXT) worth a closer look. Here's why these two stand out as nuclear energy stocks to buy in November.

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Cameco benefits from uranium demand and the build-out of nuclear power plants

Cameco is well-positioned as North America's largest uranium miner, but 2026 has been a tough year for investors, with the stock down nearly 23%. During the year, Cameco's reported earnings fell 49% compared to last year, and a net loss of $2 million in the third quarter.

The decline was partly driven by tougher year-over-year comparisons from its Westinghouse investment, which booked a $170 million gain in 2025. On top of that, the company saw unplanned interruptions that reduced fuel services production by 7%, along with planned maintenance at Key Lake mill to update and upgrade aging systems.

Despite the short-term decline, Cameco is well-positioned for the future of nuclear energy. Across the globe, 39 countries have formally pledged to triple their nuclear energy capacity by 2050. On top of this, hyperscalers are seeking out nuclear energy for their data centers. Constellation Energy, the top nuclear operator in the U.S., has signed deals with Microsoft, Meta Platforms, and Amazon, which will bring more nuclear capacity online.

In addition to uprates, the U.S. is taking steps to have 10 large nuclear reactors under development by 2030. Westinghouse, in which Cameco holds a 49% ownership stake, is a leading nuclear equipment and services provider, and its AP1000 reactors will be key to helping the U.S. expand its nuclear capacity. By owning a stake in Westinghouse, which aims to go public soon, Cameco benefits from both fuel demand and the nuclear infrastructure build-out.

Cameco sells uranium through layered, long-term contracts. This year, the company's realized price was constrained by older legacy contracts with lower ceiling caps. As these older contracts expire, Cameco benefits from the projected rise in uranium spot prices. Cameco stock, down 47% from its 52-week high, offers investors an excellent opportunity to buy today.

BWX is an exclusive provider to the U.S. Navy's nuclear propulsion program

BWX Technologies holds an enviable position as the sole provider of nuclear equipment and fuel for the U.S. Naval Nuclear Propulsion Program. The company provides nuclear reactor cores, propulsion components, and highly enriched fuel for every nuclear vessel in the U.S. fleet, including Virginia-class and Columbia-class submarines and Ford-class and Nimitz-class nuclear-powered aircraft carriers.

The company holds the only two Category 1 Special Nuclear Material licenses from the Nuclear Regulatory Commission (NRC), which authorize it to handle, store, and process highly enriched uranium and weapons-grade nuclear materials. Because these materials are so sensitive, it's practically impossible for new entrants to enter this market, giving BWXT a virtual monopoly.

BWXT projects free cash flow for this year to be around $355 million at the midpoint, a 20% year-over-year increase. However, management also forecasts free cash flow for 2027 to be flat or only slightly higher as the company ramps up spending for government defense contracts ahead of milestone billings.

Longer term, BWXT is well positioned thanks to its long-term government contracts, such as the U.S. Navy's congressionally mandated 30-year shipbuilding plan. These massive contracts provide visibility and stability in BWXT's future earnings decades ahead, making the recent 50% dip an excellent buying opportunity for investors this November.

Courtney Carlsen has positions in Cameco, Constellation Energy, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Amazon, BWX Technologies, Cameco, Constellation Energy, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.