enCore Energy Corp. (EU): Among the Best Uranium Stocks to Invest in According to Analysts
We recently published a list of . In this article, we are going to take a look at where enCore Energy Corp. (NASDAQ:EU) stands against other uranium stocks to invest in.
Nuclear power is making a notable comeback. More than 20 countries pledged to triple nuclear energy by 2050 at the COP28 summit. Nuclear power is considered crucial for lowering emissions, and it is gaining support from both environmental advocates and US national security interests, though for different motivations. Big tech companies are also getting involved as they hunt for more energy to power massive data centers.
Uranium is not presently categorized as a 'critical mineral' by the US Geological Survey (USGS) because it is classified as a fuel mineral. However, President Trump is pushing for its inclusion in the list, which would gather federal support and speed up project approvals. This seems like a sensible play on Trump's part, as demand for uranium is climbing, and the US relies almost entirely on imports, with most of the world's supply originating from a handful of countries. Uranium prices were at a 16-year high in 2023 and, while they have dipped marginally, they remain higher than at any time since Fukushima in 2011.
In December 2024, John Ciampaglia, CEO of Sprott Asset Management, told CNBC that the uranium industry had been on life support for nearly a decade after Fukushima, and there needed to be better supply discipline in the market. Uranium producers need to ensure that future supply matches demand. He noted that three factors supported the industry – first, the growing electrification in China, India, and other developing countries, secondly, energy security and decarbonization are putting the focus back on nuclear fuel as an energy source, and third, tech companies are now investing in the development of small modular reactors. He also commented on uranium spot and market prices, which are gradually moving upward. He believes uranium prices need to go higher to incentivize chemical producers and miners to increase production and build new mines, which is critical to developing uranium as a reliable electricity fuel in the coming decades.
Current supply shortages, higher long-term prices, and forecasts for record nuclear energy production in 2025 all point to a positive future. With that industry outlook in mind, let's take a look at the best uranium stocks to buy according to analysts.
An aerial shot of the uranium mines, demonstrating the company's vast mineral resources.
For this article, we searched credible websites and compiled an extensive list of US-listed uranium stocks. Next, we manually searched for the average upside potential of each stock and selected 12 stocks with the highest values. The list below is ranked in ascending order of the upside potential as of April 19. We have also mentioned the hedge fund sentiment as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points ().
Number of Hedge Fund Holders: 9
Average Upside Potential: 191.38%
enCore Energy Corp. (NASDAQ:EU) is a uranium company based in Corpus Christi, Texas. It focuses on exploring, developing, and extracting uranium across several states, with uranium properties in Texas, Wyoming, South Dakota, and New Mexico. EU has an average upside potential of 191% as of April 19, making it one of the best uranium stocks.
On March 18, H.C. Wainwright assigned a Buy rating to enCore Energy Corp. (NASDAQ:EU) but trimmed the price target from $7 to $2.75. enCore's revenue more than doubled in 2024, reaching $58.3 million, up from $22.1 million in 2023, due to selling more uranium at higher prices. Still, the company reported a net loss of $68 million. Despite the loss, analysts are hopeful that production efficiencies, especially at the Alta Mesa project, could help turn things around this year.
enCore Energy Corp. (NASDAQ:EU) sold many of its New Mexico uranium projects to Verdera Energy on April 9. In exchange, enCore received 50 million preferred shares, giving it around 73% ownership in Verdera, and $350,000 in cash and a 2% royalty on any future uranium or mineral production from those sites. The deal also includes plans for Verdera to go public, after which enCore will distribute 35 million of those shares to its own shareholders.
According to Insider Monkey's fourth quarter database, 9 hedge funds were long enCore Energy Corp. (NASDAQ:EU), compared to 12 funds in the last quarter.
Overall, EU ranks 2nd among the best uranium stocks to invest in according to analysts. While we acknowledge the potential of EU as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EU but that trades at less than 5 times its earnings, check out our report about this .
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Disclosure: None. This article is originally published at Insider Monkey.
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