Should You Follow Insider Buying on This Uranium Stock?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 13 2024
0mins
Source: NASDAQ.COM
Company Overview and Recent Performance: Uranium Energy Corp. (UEC), a Texas-based mining company valued at $2.14 billion, specializes in uranium extraction using environmentally friendly methods. Despite a 20% decline in stock value year-to-date, recent insider buying by top executives indicates renewed confidence in the company's prospects.
Market Influences and Analyst Outlook: The uranium market is facing potential upward pressure on prices due to Kazatomprom's reduced production targets and Russian export restrictions. Analysts remain optimistic about UEC, with a consensus "Strong Buy" rating and a mean price target suggesting a 106.5% upside from current levels.
Analyst Views on UEC
Wall Street analysts forecast UEC stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for UEC is 17.94 USD with a low forecast of 16.00 USD and a high forecast of 19.75 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 18.820
Low
16.00
Averages
17.94
High
19.75
Current: 18.820
Low
16.00
Averages
17.94
High
19.75
About UEC
Uranium Energy Corp is a supplier of uranium to produce nuclear energy. The Company is advancing the In-Situ Recovery (ISR) mining uranium projects in the United States and high-grade conventional projects in Canada. It has three ISR hub-and-spoke platforms in South Texas and Wyoming. These production platforms are anchored by licensed central processing plants that intend to be served by a pipeline of satellite ISR projects, including seven that already have their permits in place. Additionally, the Company has diversified uranium holdings, including uranium portfolios of U.S. warehoused U3O8; an equity stake in Uranium Royalty Corp., and a Western Hemisphere pipeline of resource stage uranium projects. Its uranium projects include Palangana Mine and Christensen Ranch Mine, and its Red Desert, Green Mountain, Roughrider and Christie Lake Projects. Palangana Mine is a 6,969-acre property located in Duval County, Texas, approximately 100 miles south of its Hobson Processing Facility.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
