Cathie Wood-backed Cameco soared above a traditional buy point Monday as nuclear-related stocks posted broad gains in stock market action. The Canada-based uranium refiner specifically announced that its partial ownership of Westinghouse was set to bear fruit amid progress of projects overseas. In addition, an analyst note cited Westinghouse as the lead beneficiary of a so-called "nuclear renaissance" supported by a string of executive orders from President Donald Trump.
A Friday release from Cameco said the company expects an increase of approximately $170 million in its 49% equity share of Westinghouse's 2025 second quarter and annual adjusted EBITDA. This is based on Westinghouse's involvement in two nuclear reactor construction projects in the Czech Republic, according to the company.
Cameco wrote Friday that it "expects significant financial benefits" for Westinghouse "over the term of the Dukovany construction project and related to the provision of the fuel fabrication services required for both reactors for a specified period."
The uranium refiner added that the outlook for Westinghouse's compound annual growth rate for adjusted EBITDA remains 6% to 10% over the next five years. Cameco owns a 49% interest in Westinghouse and its partner, Brookfield Energy, owns the remaining 51%.
Westinghouse In Line For Reactor Deal?
In addition, in the U.S., William Blair analyst Jed Dorsheimer wrote M0nday that Westinghouse was the "top pick" for the construction of the 10 new large nuclear reactors by 2030. Trump mandated those projects in his recent executive orders.
The Financial Times reported Sunday that Westinghouse was in talks with U.S. officials and industry partners to deploy its AP1000 nuclear reactor to meet this goal. The publication put a $74 billion price tag on the expansion.
"This comes as no surprise to us," Dorsheimer said Monday. "Westinghouse is the last standing U.S. manufacturer of large-scale light water reactors and a front-runner to be the manufacturer."
Trump Executive Orders Fuel Nuclear Stocks
Trump in late May signed four executive orders to support the nuclear energy sector and put in place a "total and complete reform" of the Nuclear Regulatory Commission, or NRC. The executive orders also look to speed up the deployment of new nuclear power reactors in the U.S.
The May 23 executive orders directed the government to cut down on regulations and fast-track licenses for reactors and power plants to shrink a multiyear process to 18 months, the Financial Times reported.
The executive orders from the Trump White House also create a regulatory framework for the departments of Energy and Defense to build nuclear reactors on federal land.
Trump's 'Consequential' Shift In Energy Policy Fuels Upgrades For These Stocks
The Trump White House defines AI as a national security objective and stipulates that the Departments of Energy and Defense work with the private sector to accelerate deployments of small modular reactors, or SMRs, to power AI.
The Trump executive orders also target increased U.S. uranium mining and look to expand domestic uranium enrichment capacity.
Trump Nuclear Executive Orders Send Oklo, S&P 500 Giants Higher
Cathie Wood And Cameco
Saskatoon, Saskatchewan-based Cameco is one of the world's largest providers of uranium. Utilities around the globe rely on the company to provide nuclear fuel. The company also has direct exposure to SMR nuclear technology through its shared ownership of Westinghouse.
Big Tech has been bullish on investing in SMRs as a way to power data centers to train artificial intelligence models.
In September and October, Amazon.com, Alphabet and Oracle all announced investments in developing a new breed of power plants SMRs. No operating SMRs now exist, but a number of companies are developing the technology.
SMRs aim to provide power at the company level, drastically reducing the time and cost of permitting, constructing and operating full-scale nuclear facilities.
One of the companies focusing on SMRs is Oklo, which until recently had the involvement of OpenAI CEO Sam Altman. Oklo is looking to bring its first commercial SMR online in late 2027 or early 2028.
Cathie Wood and Ark Invest first invested in Oklo in July 2024, beginning to build a stake in the company with OKLO stock price below 9. Meanwhile, Wood started selling Oklo shares in January, and repeatedly purchased Cameco.
Wood's ARK Autonomous Tech ETF trimmed Cameco and Oklo holdings in late May as nuclear-related stocks soared broadly following Trump's nuclear executive orders.
Cameco stock has advanced 16% since May 22, when news broke about Trump's executive orders. Fellow Cathie Wood stock Oklo has gained 27%.
Trump And Meta Deal Fuel Nuclear Stocks
Meanwhile, last week several S&P 500 nuclear energy stocks received price-target hikes following the announcement that Constellation Energy signed a 20-year energy deal to fuel Facebook-parent Meta Platform's "AI ambitions."
Bank of America analysts their price target on S&P 500 nuclear utilities play Vistra to 193, up from its previous 167. They also hiked the price target on S&P 500 component Constellation Energy to 343, up from 318. The note also increased BofA's price target on fellow nuclear stock Talen Energy to 280 from its previous 258 target.
Constellation Energy's 20-year deal with Meta comes nine months after it sealed a two-decade contract with Microsoft in September to provide nuclear power for the tech giant's data centers.
S&P 500 Nuclear Giant Inks Meta To Two-Decade Deal
Morgan Stanley analyst David Arcaro wrote last week that the Constellation-Meta agreement is positive for other companies with nuclear fleets. This includes Vistra, Talen energy and Public Service Enterprise.
The analyst also noted that Constellation Energy suggested on its Q1 earnings call that it was working on multiple deals and that "This could be the first of several contracts to watch for this year."
Nuclear Stocks
Cathie Wood-backed Cameco stock advanced 10.7% to 66.91 in Monday's stock market action, moving above a traditional 62.27 buy point from a cup-with-handle base, according to MarketSurge weekly chart analysis.
Oklo stock gained 7.9% to 54.26 for Monday's stock market.
Meanwhile, S&P 500 component Constellation Energy pared early gains, closing up 0.3% to 299.66 on Monday, just above a 296.17 handle buy point from a very deep base, according to MarketSurge charts. Fellow S&P 500 stock Vistra declined 2.5% on Monday's stock market.
Talen Energy also advanced early before ending stock market trade down 0.6% to 257.02.
SMR-focused NuScale Power jumped 2.6% and Nano Nuclear Energy traded down a fraction on Monday.
Uranium miner Centrus Energy moved 2% higher and Energy Fuels, a uranium exploration and mining play, jumped 3.3%.
Cathie Wood-backed Cameco stock has a perfect 99 Composite Rating. The stock also has a 92 Relative Strength Rating. The nuclear stock has a 98 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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