New York, June 10, 2026, 16:01 (EDT)
- Cameco’s U.S. shares dropped roughly 7.4% in late trading, trailing the broader Toronto market.
- Pressure hit across the group. Uranium-focused funds, along with Uranium Energy, NexGen Energy, and Energy Fuels, all dropped hard.
- Cameco is up next, with second-quarter results set for July 31 before the bell.
Cameco Corporation shares dropped hard Wednesday, with CCJ pulling back more than the market after investors reduced positions in the uranium name. The stock last traded at $94.74, down $7.53, or 7.4%. Shares opened at $99.93 and fell as low as $93.85. Volume topped 5.8 million shares.
Big drop for Cameco, much larger than the overall market slip. Reuters showed Canada’s S&P/TSX composite down just 0.07% in mid-morning, citing Middle East tensions and the Bank of Canada’s rate decision as the main issues. Cameco’s Toronto shares, per the company’s own site, were at C$132.10, off C$10.41.
Cameco slipped before Wednesday’s selloff even started, with Markets Insider showing a U.S. close at $102.24 Tuesday and an open down to $100.10. There was no change to guidance. The feed put the 52-week high at $135.22. Cameco traded at about 93 times earnings; that’s a high P/E, which means less cushion if results disappoint.
The pullback hit most uranium names. The Global X Uranium ETF slid roughly 3.8% and the Sprott Uranium Miners ETF lost about 4.0% in late trading. Energy Fuels fell about 4.8%. NexGen Energy was down 6.4%, while Uranium Energy slumped 11.4%. Cameco’s losses stood out because of its size and liquidity, but the drop tracked a broader unwind in uranium shares.
Cameco didn’t issue any new production warning Wednesday. The most recent updates from the company are still the June 1 news about raising its Cigar Lake stake and the May 27 note that McArthur River and Key Lake are back to full output after earlier flooding. Cameco also kept its 2026 consolidated production target steady in the May 27 statement.
The difference matters. Cameco’s May statement kept the McArthur River/Key Lake production target at 19.5 to 21.5 million pounds of U3O8 on its share. At the same time, that update flagged risks from thawing and rain, saying road limits could still slow down key supply deliveries.
Cameco’s long-term outlook is intact. The company posted first-quarter net earnings of C$131 million on May 5. Adjusted net earnings came in at C$203 million, and adjusted EBITDA hit C$509 million. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, with adjustments from the company. At March 31, Cameco had C$1.1 billion in cash, cash equivalents and short-term investments.
The move in uranium stocks doesn’t tell the whole story on price. Cameco says uranium isn’t bought and sold on a regular open market since deals are made privately through contracts. The company’s latest figures put the uranium spot price at $84.18 per pound at the end of May, down from $86.35 a month earlier. The long-term price, though, was up at $94.00 versus $91.50.
Westinghouse still drives part of the premium on Cameco shares. Cameco and Brookfield said in a Westinghouse partnership release that the U.S. government plans to arrange financing and help secure permits and approvals for new Westinghouse reactors worth at least $80 billion in total. Cameco CEO Tim Gitzel said the U.S. support should “bolster broader confidence” in the outlook for nuclear power. Westinghouse Nuclear
There’s a risk today’s move just pushes itself further. Cameco still holds contracts for more than 28 million pounds a year of uranium deliveries through the next five years, but the rich valuation hangs on earnings growth, stronger uranium prices, and timely performance from Westinghouse. A new road-access issue in northern Saskatchewan, a slide in uranium stocks, or delays in reactor funding and permits could all drag on the shares, even if Cameco doesn’t cut its 2026 production outlook.
Cameco’s next key date is July 31. The company will report second-quarter numbers before the open. Investors want to see signs that production is recovering, uranium contract pricing is holding up, and the Westinghouse business is pulling its weight. Shares have lost their cushion for error.
