Opinions
Daniel Straus
Sprott Uranium Physical Trust
U.UN-T
RISKY
Dec 06, 2023
$26.790
Stock price when the opinion was issued
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Cameco question Sprott Uranium Physical Trust (U.UN-T which he owns) which buys spot uranium which Sprott recently took over and recently raised $300 million in an at-the-market offering in order to buy spot uranium. This is an illiquid market, so spot uranium is a self-fulfilling price move. Utilities will get caught short on this move. He doesn't like Cameco because it's expensive, volatile with spotty earnings. Balance sheet is fine, but missed its last quarter. The stock has moved up with the price of spot uranium. Watch the uranium move, which is in its early days, but he prefers U.UN itself.
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Stockchase Research Editor: Michael O'Reilly
Given current global uncertainty following the recent US election and events in Europe, holding commodities are a good hedge at the moment. U.UN holds physical uranium that is unencumbered and fully allocated. We recommend setting a stop-loss at $20, looking to achieve $32 -- upside potential of 18%. Yield 0%
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