CCJ is a US$44bn uranium giant CCJ which is more than 10x larger than local player Paladin (PDN). CCJ like many in the sector has endured a volatile 2026, with CCJ and the URNM ETF peaking and bottoming at almost identical times, although CCJ has modestly outperformed the ETF YTD thanks to its scale, diversified operations and exposure to Westinghouse. The January rally was fuelled by enthusiasm around nuclear power, AI-driven electricity demand and uranium contracting, while a C$2.6bn supply agreement with India in March reinforced the longer-term demand story.
NB – Cameco holds a 49% stake in Westinghouse Electric Company, acquired in 2023 for approximately US$2.2 billion. Synergy from the investment is obvious, with Westinghouse being a nuclear reactor technology equipment manufacturer; its technology underpins approximately half of the world’s operating nuclear plants.
Operationally, flooding in Saskatchewan disrupted the McArthur River/Key Lake operations in May, before a disappointing 2Q26 result delivered the painful blow: adjusted EPS of C$0.18 was roughly half consensus, EBITDA fell 42%, plus FY26 sales guidance was cut materially. Weak earnings from Cameco’s Westinghouse investment also weighed, helping drive the stock toward its late-July low.
Since then, CCJ has recovered to around $102, helped by reports of a potential Westinghouse IPO and renewed optimism around uranium supply fundamentals. Favourable nuclear and uranium tailwinds combined with the recent Kazatomprom supply constraints have provided a supportive backdrop. For MM, CCJ remains one of the higher-quality ways to gain uranium exposure; the structural nuclear story remains compelling, but 2026 has demonstrated that even the sector leader can experience significant volatility when elevated expectations collide with operational or earnings disappointments.
- We are bullish towards CCJ, looking for a retest of the January high in 2026/7: MM owns CCJ in its International Equities Portfolio.
MM is long and bullish towards CCJ
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