Cameco’s Uranium Rally: How the Nuclear Comeback Is Supercharging Cameco Stock

Cameco has ridden the global nuclear power revival to fresh highs, leaving broad equity markets in the dust. Here’s what a one-year bet would look like, how the stock trades now, what Bay Street thinks – and which catalysts could drive the next move.

Uranium is back in fashion, and Cameco Corporation has become the poster child of the nuclear power comeback – its share price carving out new highs as utilities scramble to lock in long?term supply.

Cameco Corporation Aktie: nuclear fuel champion in a tightening uranium market

One-Year Investment Performance

Over the past twelve months, Cameco shares have surged as the uranium market shifted from years of oversupply to a nascent structural deficit. Around this time last year, the stock traded near the mid?C$40s on the Toronto Stock Exchange. Today, it changes hands materially higher in the mid?C$60s area, translating into an approximate gain of about 40–50% on price alone. Layer in a modest dividend and the total return edges slightly higher.

Put differently: an investor who had put C$10,000 into Cameco exactly one year ago would now be sitting on roughly C$14,000–C$15,000, before taxes and fees – a performance that handily tops the broader Canadian equity benchmarks and underscores how quickly sentiment has flipped in favour of nuclear?linked names.

Recent Catalysts and Market Momentum

The shorter?term tape tells the same bullish story, albeit with more volatility. Over the past five trading days, Cameco has oscillated around recent highs, consolidating after a powerful run that pushed the stock to within sight of its 52?week peak. The 90?day trend remains firmly upward, with the shares climbing in tandem with spot uranium prices and a series of contract wins that have strengthened the company’s backlog.

On a 52?week view, Cameco has traded in a wide band, with the low anchored far below current levels and the high only marginally above where the stock sits now – visual proof of how dramatically the market has re?rated the company as uranium moved from a niche, unloved commodity into the centre of the global energy security debate.

Newsflow over the past week has kept the momentum story intact. Industry?wide, utilities have continued to step up long?term contracting, with reports of additional volumes being quietly negotiated as Western buyers try to reduce their exposure to Russian supply. For Cameco, that backdrop is critical: its joint venture interests in Kazakhstan and tier?one Canadian assets mean it is one of the few producers capable of reliably delivering large volumes into this shifting trade map.

While no blockbuster M&A has emerged from Cameco in the last seven days, the stock remains underpinned by earlier strategic moves – notably its partnership with Brookfield to acquire Westinghouse. That deal, which closed previously, has transformed Cameco from a pure?play miner into a vertically integrated nuclear fuel player with exposure to reactor services, making the equity story less cyclical and more infrastructure?like in the eyes of many investors.

Financial Verdict & Wall Street Ratings

Analysts on both sides of the border have been busy revisiting their models as uranium prices and contract terms improve. Within the last month, Canadian brokerage desks such as RBC Capital Markets and TD Securities have reiterated positive views on Cameco, pointing to the company’s growing pipeline of long?term contracts, disciplined production strategy and leverage to higher realized prices. BMO Capital Markets, for its part, continues to frame Cameco as a core way to gain exposure to the nuclear upcycle, highlighting the Westinghouse stake as a strategic asset that broadens earnings power beyond the mine gate.

South of the border, major firms with global energy coverage, including large U.S. investment banks, have echoed the constructive stance. While target prices differ, the prevailing tone over the past 30 days has remained tilted towards "outperform" or "buy" recommendations, with only a handful of neutral calls cautioning on valuation after the strong run. In other words, Bay Street and Wall Street broadly agree: Cameco is no longer the deeply discounted uranium name it once was, but it still offers torque if nuclear demand keeps building.

Future Prospects and Strategy

Looking ahead, Cameco’s fortunes are tightly bound to three intertwined themes: the speed of nuclear power restarts and new builds, the durability of higher uranium prices, and the West’s push to secure non?Russian supply. If governments follow through on recently announced nuclear expansion plans – from Europe’s energy?security rethink to Asia’s decarbonisation drives – the demand profile for uranium could remain robust well into the next decade.

Cameco’s strategy is to meet that demand without repeating the excesses of the last cycle. Management has been explicit about bringing capacity back slowly and only into committed demand, rather than flooding the market. That discipline, paired with its Westinghouse exposure, positions the company as both a volume supplier and a critical services player across the nuclear value chain. For investors, that means the stock has already priced in a good deal of optimism, but still holds substantial optionality: if uranium prices push higher or nuclear build?out accelerates, Cameco remains one of the cleanest, most liquid ways to ride the next leg of the nuclear renaissance.