Pat McKeough recently replied to a member of his Inner Circle who is considering Energy Fuels Inc. The uranium processor’s share price is struggling, along with most commodity stocks, but its steady revenue and positive cash flow lend it some speculative appeal, says Pat. But not for all investors.
Q: Pat: Could you please give me a quick opinion on the following stock: Energy Fuels Inc. Thanks so much!
A:ENERGY FUELS INC. (symbol EFR on Toronto; www.energyfuels.com) operates two uranium processing facilities—the White Mesa Mill in Utah and the Nichols Ranch Processing Facility in Wyoming. Both supply uranium oxide (U3O8) in concentrates to major nuclear utilities.
The White Mesa Mill has a capacity of over 8 million pounds of uranium oxide per year. The Nichols Ranch Processing Facility, acquired in the company’s purchase of Uranerz Energy Corporation in June 2015, has capacity of 2 million pounds of U3O8 per year.
Energy Fuels also has uranium mining projects located in a number of western U.S. states, including small producing mines, mines on standby, and mineral properties in various stages of permitting and development.
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In the three months ended September 30, 2015, Energy Fuels’ revenue fell 9.5%, to $19.2 million from $21.2 million, a year earlier. (All figures in U.S. dollars.) The lower revenue came mostly from the timing of shipments—uranium concentrate prices actually remained steady at around $56 U.S. a pound. Cash flow per share dropped, to $0.11 from $0.23. The fall was mostly due to higher costs, including decommissioning old mines and integrating the Uranerz Energy acquisition.
The company’s shares have dropped along with most commodity stocks, but steady revenue from its uranium processing and its positive cash flow give it some speculative appeal.
Energy Fuels is okay to hold, but only for highly aggressive investors.
Inner Circle recommendation: HOLD for highly aggressive investors
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