Cameco vs Targa Resources
This page compares Cameco Corporation and Targa Resources Corp., examining their business models, financial performance, and market context in clear, accessible terms. It provides an objective overview to help readers understand the similarities and differences between the two companies. Educational content, not financial advice.
This page compares Cameco Corporation and Targa Resources Corp., examining their business models, financial performance, and market context in clear, accessible terms. It provides an objective overvie...
Why It's Moving
Cameco Stays on Track for Strong 2025 Finish Despite McArthur River Production Trim
- Q3 update trims 2025 McArthur River/Key Lake production to 14-15M lbs U3O8 (9.8-10.5M lbs Cameco share) from prior 18M lbs, hit by mining transition delays and Key Lake mill shutdown Sept 3-Oct 17, signaling short-term output pressure.
- Cigar Lake output up 16% YTD offsets declines, with steady 9.8M lbs share expected for 2025, bolstering overall uranium supply resilience.
- Locked in contracts for 28M+ lbs annual U3O8 deliveries over next five years—higher through 2027—plus narrowed sales guidance to 32-34M lbs, highlighting sustained utility demand.
Targa Resources Bolsters Delaware Basin Dominance with $1.25B Stakeholder Midstream Acquisition
- Acquisition includes 460 miles of gathering pipe and 180 MMcf/d processing capacity at 60% utilization, offering leverage for rising production from key operators like Burk Royalty and Hilcorp.
- Brings ~15 Mb/d NGL output plus sour gas treating and carbon-capture assets eligible for 45Q tax credits, enhancing Targa's ability to fill its Speedway system and tap export demand.
- Priced at ~6x 2026 unlevered FCF, the deal creates optionality for non-core asset sales while integrating seamlessly with Targa's existing Permian systems.
Cameco Stays on Track for Strong 2025 Finish Despite McArthur River Production Trim
- Q3 update trims 2025 McArthur River/Key Lake production to 14-15M lbs U3O8 (9.8-10.5M lbs Cameco share) from prior 18M lbs, hit by mining transition delays and Key Lake mill shutdown Sept 3-Oct 17, signaling short-term output pressure.
- Cigar Lake output up 16% YTD offsets declines, with steady 9.8M lbs share expected for 2025, bolstering overall uranium supply resilience.
- Locked in contracts for 28M+ lbs annual U3O8 deliveries over next five years—higher through 2027—plus narrowed sales guidance to 32-34M lbs, highlighting sustained utility demand.
Targa Resources Bolsters Delaware Basin Dominance with $1.25B Stakeholder Midstream Acquisition
- Acquisition includes 460 miles of gathering pipe and 180 MMcf/d processing capacity at 60% utilization, offering leverage for rising production from key operators like Burk Royalty and Hilcorp.
- Brings ~15 Mb/d NGL output plus sour gas treating and carbon-capture assets eligible for 45Q tax credits, enhancing Targa's ability to fill its Speedway system and tap export demand.
- Priced at ~6x 2026 unlevered FCF, the deal creates optionality for non-core asset sales while integrating seamlessly with Targa's existing Permian systems.
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Explore BasketWhich Baskets Do They Appear In?
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Explore BasketInvestment Analysis
Cameco
CCJ
Pros
- Cameco benefits from a diversified portfolio of long-term uranium supply contracts, providing revenue stability and downside protection during periods of low spot prices.
- The company maintains multiple curtailed operations that could resume production if uranium prices rise, offering significant operational leverage to commodity cycles.
- Cameco is increasing its annual dividend and has committed to further growth through 2026, enhancing income appeal for shareholders.
Considerations
- Recent quarterly earnings fell notably short of analyst expectations, reflecting challenges in profitability despite higher revenues.
- Cameco’s adjusted EBITDA has recently underperformed consensus estimates, partly due to lower sales volumes in key segments.
- Valuation metrics suggest the stock may already reflect much of its growth potential, with several analyses indicating it is not currently undervalued.
Targa Resources
TRGP
Pros
- Targa Resources operates a large, integrated midstream energy infrastructure network, providing critical services for natural gas and NGLs in key U.S. production basins.
- The company has demonstrated strong cash flow generation, supporting ongoing capital returns to shareholders including dividends and share buybacks.
- Targa’s asset footprint is well-positioned to benefit from sustained North American energy production growth and export demand.
Considerations
- Targa’s business is highly exposed to hydrocarbon commodity price cycles, which can lead to volatility in earnings and cash flows.
- Regulatory and environmental scrutiny around fossil fuel infrastructure could impact project approvals and operational costs.
- The company’s leverage ratios remain elevated compared to some peers, exposing it to risks if interest rates rise or cash flows weaken.
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