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The 8 Best Uranium Stocks To Buy Right Now!

Sarah Foley - October 15, 2021

best uranium stocks

The 8 Best Uranium Stocks To Buy Right Now!

Uranium stocks have been on a solid upward trajectory since fall 2020. Now is the time to take advantage of the increasing demand for uranium and add uranium stocks to your portfolio. But what are the best uranium stocks to buy right now? Keep reading to find out!

You might be wondering why uranium stocks are going up in price right now.

Before the pandemic, the U.S. imported most of the uranium it needed to operate nuclear power plants.

However, COVID-19 shutdowns caused supply chain issues, which led to increased demand for uranium.

To keep the U.S.’s nuclear energy system running, the government launched a program to support U.S. uranium companies.

As the supply chain has started to return to normal, there’s still plenty of demand for uranium, which has kept uranium stocks moving higher.

Read on to discover the best uranium stocks on the market right now.

Best Uranium Stocks

These picks are the best uranium stocks that can fit in most portfolios.

If you’re looking to diversify your investments, we recommend taking a look at these uranium stocks first.

 

Cameco logo

Cameco Corp. (NYSE: CCJ)

Cameco Corp. is the largest publicly traded uranium company in the world.

It is based in Canada and trades on both the New York and Toronto stock exchanges.

The company has some of the most extensive uranium mining operations globally, with access to a probable 450 million pounds of the mineral in various locations.

This includes Cigar Lake, which is the highest-grade uranium mine in the world and is based in Saskatchewan.

Cameco also has mines in Wyoming and Nebraska in the U.S., Australia, and Kazakstan.

It has been performing very well in 2021, with share prices up 141% from last year at this time.

Investors had been feeling bearish about uranium for the past several years, as many people had thought that society would abandon nuclear power for other energy fuels.

However, this didn’t end up being the case.

Recent projections anticipate that we’ll still be using nuclear power for the next decade or so.

This is essential for Cameco, which produces a significant percentage of the world’s uranium.

In addition, the company has a significant market cap of $9.25 billion.

With such a significant market share, this is an excellent uranium stock to consider adding to your portfolio.

Energy Fuels White Mesa Mill

Energy Fuels Inc. (NYSE: UUUU)

Energy Fuels is an American energy company based in Colorado.

The company is one of the leading uranium producers in the U.S., running the only conventional uranium mill in Utah.

Energy Fuels also has mines and exploration projects in Wyoming, Colorado, Texas, New Mexico, and Arizona.

In addition to uranium, Energy Fuels is a large producer of vanadium and other rare earth metals.

This sets them apart from other uranium companies in the U.S.

Right now, rare earth metals are in high demand for new technologies like electric cars.

China is currently the largest exporter of these resources.

Energy Fuels could provide an American alternative for companies that need rare earth metals.

While the uranium sector is doing very well right now, expanding its operations into this new sphere could really benefit the company.

These developments have positively affected Energy Fuel’s stock, seeing a 323% share price increase over the last year.

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Best Uranium Mining Stocks

Uranium investing is a complicated process that requires a lot of research and understanding of the market.

Fortunately, uranium mining stocks are a lot easier to navigate as their industry simply focuses on the exploration and extraction of uranium, instead of the more complicated process of refining it.

Denison Mines (NYSE: DNN)

Denison Mines is a Canadian uranium exploration and mining company.

The company’s headquarters are in Toronto, but the majority of its assets are in Saskatchewan.

This includes projects in the lucrative Athabasca Basin.

Although Denison Mines is a penny stock, it has seen some nice growth over the course of the year.

The stock is seeing forward momentum, increasing some 340% since last October.

This company does not currently have any active mines but is working on developing two in Saskatchewan.

Denison expects to start production at one mine in 2024 and another in 2030.

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It also recently announced the discovery of more high-grade uranium at McClean Lake South.

This will increase their potential yields once the mine is up and running. 

If everything goes as planned, Denison Mines could provide essential uranium supplies to nuclear power plants throughout North America.

This is a uranium mining stock to watch over the next few years, although investors should be aware of potential volatility.

Top Uranium Stocks

These top uranium stock picks represent companies that show fantastic potential for growth in the near future.

If you haven’t heard of these firms before, we suggest taking a close look at them.

NextGen Energy logo

NextGen Energy Ltd. (NYSE: NXE)

NextGen is a Canadian energy company founded in 2011 and based in Vancouver.

Its properties are all in the Athabasca Basin in Saskatchewan and include active uranium mines, mills, and deposits that have yet to be developed.

NextGen seems committed to expanding its portfolio and uranium output by acquiring new properties in the Athabasca Basin over the last decade.

Like many other uranium stocks, NextGen’s share prices have gone up over the last 12 months, growing nearly 200%.

The company reached an all-time high in just September of this year.

The Athabasca Basin region is very promising, which is what makes this stock such an intriguing pick.

Since the stock is hovering at that $5 mark, investors should be aware of some increased risks.

However, if you’re looking to invest in uranium and nuclear power on a budget, NextGen Energy is a stock worth considering.

Global X Uranium ETF (NYSEARCA: URA)

A great way to diversify any portfolio is to invest in an ETF, usually listed at a lower cost than traditional stocks.

An ETF, or exchange-traded fund, tracks a large number of stocks instead of just one.

As a result, ETFs also tend to be less risky, thanks to diversification.

Global X Uranium ETF happens to be the largest uranium ETF out there.

Some of Global X Uranium’s stocks include the big names already on this list at a price much cheaper than buying them all individually.

The ETF includes 45 different stocks from miners, refiners, and the companies that manufacture equipment to get the job done.

Currently, Global X Uranium is seeing five-year high stock price numbers, more than doubling its evaluation from last year at this time.

When it comes to the best uranium stocks, an ETF is a good consideration for a more long-term approach.

Uranium Royalty Corp. (NASDAQ: UROY)

Uranium Royalty Corp. is based out of Vancouver, Canada, and seeks to grow by providing funds to uranium organizations that need them.

This pure-play company invests in mines that need capital to begin mining or expand an existing setup.

Uranium Royalty then receives royalties from their investments at some point in the future.

This eliminates the need for Uranium Royalty Corp. to do any mining of its own.

Although the company has yet to return a profit, its business model is drawing the attention of investors.

Over the last 12 months, Uranium Royalty’s stock price has increased an impressive 400%.

It is still considered a penny stock, so consider the extra risk associated with small volume trading.

Still, Uranium Royalty Corp. is making big contracts and setting itself up for success.

Uranium Penny Stocks

Penny stocks are a solid way to start investing in uranium today.

So if you are investing on a budget, we recommend putting these stocks on your shortlist.

Uranium Energy Corp logo

Uranium Energy Corporation (NYSE: UEC)

Uranium Energy Corporation is a uranium mining company with assets throughout the United States.

The company is based in Corpus Christi and currently has several properties in Texas, Arizona, Colorado, New Mexico, and Wyoming.

It also conducts international exploration work in Paraguay and Canada.

Nearly 450 reactors can account for 4 million pounds of uranium each year.

Uranium Energy Corp. has rebounded well from the slows of 2020 with a 200% share price increase in the last year.

The stock has good investment potential, but at just over $3 per share, investors will want to tread carefully.

Because it’s a penny stock, it could be subject to heightened volatility.

However, since most of their projects are in the U.S., Uranium Energy could see growing demand in the future as the U.S. looks to reduce its reliance on foreign imports.

Ur-Energy Inc. (NYSE: URG)

Ur-Energy is headquartered in southern Wyoming and is relatively new on the uranium scene.

Even though it is a bit on the smaller side, it still has the capability to bring in over 2 million pounds of uranium per year.

The company currently has 12 uranium mining operations in the United States.

Its biggest project is in the Shirley Basin that could eventually produce some 6.3 million pounds of uranium annually.

Like many others in the industry, Ur-Energy is hovering near all-time highs with a 265% share price hike in the last year.

They already have a healthy market cap of $332 million.

Look for smaller companies like Ur-Energy to be making waves in the near future.

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Should You Buy Uranium Stocks?

The U.S. relies on nuclear power for roughly 20 percent of its total energy supply.

As we work towards climate-friendly energy solutions, many people have touted nuclear power plants as a good way to reduce our carbon emissions.

And uranium is essential for nuclear power plants to run.

This means that there will be a consistent demand for uranium as long as these nuclear power plants are up and running.

Now that the world is starting to reopen, production is speeding up to meet increased demand.

The price of uranium has been increasing due to favorable macroeconomic conditions, which are boosting demand.

Furthermore, Sprott Physical Uranium Trust, a recently established fund that is making significant physical purchases of the commodity and pushing uranium prices even higher.

Watch for Uranium Market Shifts in the U.S.

In particular, American companies can stand to benefit from this increased demand.

The U.S. government has expressed interest in sourcing uranium domestically instead of importing it.

Some of the largest uranium deposits in the world are in Saskatchewan, Canada, but there are also significant deposits in the mountain regions of the U.S.

Some experts have worried that retail investors could be targeting uranium stocks for a short squeeze.

After several months of sustained growth, this doesn’t seem to be the case for the uranium sector.

Because uranium stocks are on a steady upward trajectory, now is an excellent time to add them to your portfolio.

No one knows when these stocks will peak, so adding them to your portfolio in the near future can maximize your chance of lucrative returns.

Uranium Stocks: Final Thoughts

All eyes are on the uranium industry right now as both demand and stock prices are going up.

If you haven’t added one of these top uranium stocks to your portfolio yet, now is the time to do so.

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Sarah Foley is a freelance content writer based in Chicago. She covers finance as well as real estate, technology, pop culture, and more.