Cameco: It’s About the Dividend, Okay?

So, Cameco (CCJ 4.46%). Uranium. Fine. Everybody’s talking about the stock going up 750% in five years. 750%! Like that’s the point. The S&P 500 barely budged. Okay, good for them. But honestly, I’m looking at this, and I’m thinking… the dividend? 0.15%? Are you kidding me? You’re telling me I’m supposed to get excited about practically nothing? It’s insulting, frankly. It’s like they want you to be annoyed.

They had this whole thing happen – Fukushima, right? Uranium prices plummeted. Naturally. Then everyone’s shutting down mines. Sensible, I guess. Except then nobody told the uranium! It just… sat there. And now, suddenly, everyone needs power for these cloud things and AI. AI! Like that solves anything. And now it’s a crisis. A crisis because they shut down the mines. It’s just… predictable. It’s always something.

And the price is back up to $94 a pound. $94! Like that’s a solution. It’s a temporary reprieve. They reopened the mines, naturally. Supply and demand. It’s Economics 101. But it’s still not enough. They’re scrambling. And you know what that means? More problems. Always more problems.

Then they go and partner with Brookfield Asset Management (BAM 2.70) to buy Westinghouse. Westinghouse! A nuclear power plant designer. Like that’s going to magically fix everything. Diversification, they call it. It’s just shifting the chaos around. Now they’re not totally reliant on uranium prices. Great. Now they’re reliant on… Westinghouse. It’s a lateral move, really. A very stressful lateral move.

Revenue’s been growing, apparently. 29% CAGR. Analysts expect more. 9% and 91%. 91%! What does that even mean? It’s just numbers. It’s all just numbers. But here’s the thing: a trailing payout ratio of 13%. 13%! That’s room for a dividend increase. That’s where the real story is. That’s where the money is.

Why the Dividend Matters (Seriously)

Citi analysts think uranium will hit $100 a pound. $100! Like that’s a guarantee. It’s a prediction. A guess. But let’s say they’re right. And let’s say this Westinghouse thing doesn’t blow up in their faces. Then, maybe, they can raise the dividend. A decent dividend. Something that actually acknowledges my existence as an investor.

Look, I’m not saying it’s a sure thing. Nothing is a sure thing. Especially not with uranium. But a higher dividend… that’s a cushion. That’s a little bit of protection if this whole thing goes south again. Because it will. It always does. But at least I’ll have a slightly less terrible return on my investment. Is that too much to ask?

Honestly, it’s the principle of the thing. They’re making money. A lot of money, apparently. Just give me a decent dividend. It’s not about being greedy. It’s about basic respect. It’s about acknowledging that I took a risk, and I deserve a little something in return. It’s the least they could do.

2026-02-05 19:13

Why the Dividend Matters (Seriously)

Read More