NEW YORK, Dec. 27, 2025, 5:02 p.m. ET — Market closed.
Cameco Corporation (NYSE: CCJ; TSX: CCO) heads into the final trading week of the year with investors weighing a fresh burst of options activity and new institutional positioning against a supportive uranium price tape and the company’s longer-term nuclear-fuel demand thesis.
With U.S. equities closed for the weekend, CCJ is effectively frozen at Friday’s closing levels until premarket trading resumes Monday. Cameco’s U.S.-listed shares last stood at $92.84, down $0.50 on the session, while the company’s Toronto-listed shares were shown at C$127.48. [1]
Where Cameco stock closed and what it signals into the next session
On the NYSE, CCJ finished Friday, Dec. 26 at $92.84, after trading between $92.50 and $94.30 during the regular session, according to historical pricing data. [2]
In extended trading, CCJ was little changed. Public.com showed the stock at $92.86 as of 6:00 p.m. ET on Dec. 26, a marginal uptick from the cash close—typical of a market that’s pausing ahead of the next catalyst rather than repricing the story overnight. [3]
Uranium prices remain a key macro lever for CCJ
Cameco is one of the world’s best-known publicly traded uranium and nuclear fuel-cycle names, and uranium pricing remains a major driver of sentiment across the sector.
Uranium rose to about $81.40 per pound on Dec. 26, according to Trading Economics, which also showed the commodity up on a month-over-month basis. [4] In listed markets, CME’s UxC Uranium U3O8 futures quotes also reflected pricing in the low-$80s per pound for near-dated contracts. [5]
Cameco itself emphasizes that uranium is largely transacted via privately negotiated contracts rather than a centralized spot exchange, and it tracks industry average pricing using month-end publications from UxC and TradeTech. [6] For investors, the practical takeaway is that day-to-day “spot” moves matter—but so do term-contract trends, utility procurement cycles, and how quickly producers can translate stronger pricing into realized margins.
The last 24–48 hours: what’s actually new for Cameco stock
Despite a holiday-quiet news cycle, two developments stood out over the past two days for CCJ watchers:
1) Unusual put-options activity flagged
MarketBeat reported unusually large put-options volume in the latest session it tracked for CCJ, citing 28,210 puts traded—about a 942% jump versus an average daily put volume of 2,706. [7]
Options flow is not a one-directional “bearish” signal by default. Large put volume can reflect outright downside speculation, but it can also represent hedging activity from funds protecting gains into year-end, or structured trades paired with stock purchases. Still, the spike is notable because it suggests heightened near-term positioning—and it can translate into faster moves if prices break key levels when liquidity returns on Monday.
2) Institutional positioning: Covea Finance trims stake
In a separate MarketBeat filing-focused item, Covea Finance was reported to have reduced its Cameco position by 21.4% during the third quarter, ending the period with 817,680 shares, with CCJ listed as its sixth-largest holding. [8]
Institutional trims aren’t inherently negative—especially when they reflect portfolio rebalancing after a strong run or risk management into year-end—but they do add color as investors gauge whether big holders are still adding to uranium exposure at current valuations.
Fundamentals snapshot: what Cameco has told investors recently
The company’s most recent major corporate update remains its third-quarter reporting package and accompanying outlook commentary.
In its Q3 release, Cameco CEO Tim Gitzel described the company as positioned “at the forefront of the global nuclear resurgence,” pointing to long-term contracting discipline, supply sourcing flexibility, and strategic partnerships in the broader nuclear value chain. [9]
Operationally, Cameco reiterated that development delays at McArthur River and Key Lake reduced its consolidated uranium production outlook, but it expects to meet delivery commitments by balancing production, inventory, loans, and purchases. The company’s 2025 expectation for McArthur River/Key Lake was described as 14–15 million pounds (100% basis), down from a prior forecast of 18 million pounds, while performance at Cigar Lake could potentially offset part of the shortfall. [10]
Financially, Cameco highlighted a strong liquidity position as of Sept. 30, including $779 million in cash and cash equivalents, $1.0 billion in total debt, and a $1.0 billion undrawn revolving credit facility. [11]
The company also accelerated its dividend increase, indicating an annual dividend of $0.24 per common share with the annual payout scheduled for Dec. 16, 2025. [12]
Westinghouse and the “nuclear buildout” angle remains central to the bull case
Beyond uranium mining and fuel services, Cameco’s exposure to reactor services and nuclear technology through Westinghouse continues to be a key part of the longer-term narrative.
Reuters reported in October that the U.S. government struck an $80 billion deal tied to Westinghouse Electric (owned by Cameco and Brookfield) aimed at deploying new nuclear power plants. [13] Cameco’s own third-quarter commentary referenced a partnership with Brookfield and the U.S. government intended to accelerate Westinghouse reactor deployment, citing an aggregate investment value of at least $80 billion (US). [14]
For CCJ investors, this matters because reactor deployment and nuclear fuel-cycle services can influence contracting behavior, long-term demand expectations, and the market’s willingness to pay a premium multiple for “integrated” nuclear exposure rather than pure uranium beta.
Analyst targets and forecasts: where Wall Street clusters today
While short-term positioning can swing on options and flows, price targets are still one of the most-searched signals around Cameco stock—and the current consensus remains constructive.
MarketBeat’s aggregated snapshot shows a “Moderate Buy” consensus rating, with an average 12-month price target of $117.25 (high $150, low $70)—implying meaningful upside from the most recent ~$93 area. [15]
A separate analyst aggregation from Stock Analysis lists an average rating of “Buy” and a $114.38 12-month target. [16]
Investors should note that these targets can differ across data providers based on which brokerages are included and how “stale” targets are handled—but the directional message is similar: analysts broadly remain positive, even as valuation becomes a bigger part of the debate.
If you’re holding CCJ into Monday, here’s what to watch before the next session
Because the market is closed today, the actionable setup for investors is less about “what happened at 5 p.m.” and more about what could move the stock when liquidity returns.
Key items to monitor ahead of Monday’s open:
- Uranium pricing and nuclear-sector sentiment: Uranium around the low-$80s per pound has supported the space, and futures/benchmark updates can influence early-week trading in uranium miners and related ETFs. [17]
- Options and volatility after the put-volume spike: After a surge in put trading, investors often watch whether price action confirms a hedging wave (muted downside) or a directional bet (more aggressive selling pressure) once the next session opens. [18]
- Key technical reference points from Friday’s range: Traders often treat the prior session’s high/low as near-term markers. For CCJ, Friday’s range sat roughly between $92.50 and $94.30. A break above or below can attract momentum-driven flow in thin year-end liquidity. [19]
- Company-specific catalysts on production and deliveries: Cameco has flagged moving parts around production guidance and supply sourcing—items that can resurface quickly if sector news hits (Kazakhstan supply headlines, utility contracting chatter, or policy announcements). [20]
- Policy and reactor-deployment headlines tied to Westinghouse: The Westinghouse/U.S. partnership theme remains a narrative tailwind that can reprice expectations if new details emerge. [21]
Bottom line
Cameco stock enters Monday’s session with uranium prices still supportive, analysts broadly constructive, and the company emphasizing long-term contracting and supply flexibility—even as investors digest an eye-catching spike in put-options activity and fresh institutional rebalancing headlines.
For now, the weekend pause means the next real “vote” happens when markets reopen: whether CCJ holds Friday’s lows, reclaims the top of its recent range, or sees volatility expand as traders reposition into year-end.
References
1. www.cameco.com, 2. stockanalysis.com, 3. public.com, 4. tradingeconomics.com, 5. www.cmegroup.com, 6. www.cameco.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.cameco.com, 10. www.cameco.com, 11. www.cameco.com, 12. www.cameco.com, 13. www.reuters.com, 14. www.cameco.com, 15. www.marketbeat.com, 16. stockanalysis.com, 17. tradingeconomics.com, 18. www.marketbeat.com, 19. stockanalysis.com, 20. www.cameco.com, 21. www.reuters.com
