Daily Nuclear & Uranium Market Recap
3/2/26
Daily Nuclear & Uranium Market Recap
Monday, March 2, 2026
Market Overview
A powerful risk-on open to March for the uranium and nuclear complex, with upstream miners leading a broad rally. Uranium spot traded at $95.24/lb intraday before fading to settle near $94.73, down 0.52% on the day but still firmly above the $90 psychological level. CarbonCredits confirmed spot markets are in a “consolidation phase” supported by Kazatomprom’s continued production constraints and rising utility procurement activity. Cameco’s end-of-February spot reference printed at $86.95/lb, down from $94.28 at end-of-January, reflecting the volatile intra-month path. Trading Economics models continue to project $90.03 by end of Q1 and $95.56 in 12 months.
Key Equity Movers, Winners
Energy Fuels (UUUU) closed at $23.34, +9.48% on a massive 15.1M shares, the day’s top performer. The catalyst: last Thursday’s Q4 earnings showed revenue of $27.1M (beating the $21.8M consensus by 24%), a net loss of $0.08/share (in-line), and management guided for gross margins rising from 31% to over 50% in 2026. The 2026 outlook is anchored by 650K lbs of U3O8 sold at a $74.21 average realized price, ramping uranium production at White Mesa, and the Australian Strategic Materials acquisition to build a vertically integrated rare earth platform. Total assets of $1.4B and working capital of $927M give UUUU the strongest balance sheet in the mid-cap miner space.
Cameco (CCJ) closed at $125.97, +6.39% on 4.3M shares, breaking decisively above the $122 ceiling that had capped the stock for four consecutive weeks. This is a technically significant breakout and the highest close since early February. CCJ is now up +11.5% from the Feb. 27 low of $116.75.
Bloom Energy (BE) closed at $165.13, +6.08% on 8.3M shares, snapping back from Friday’s 7.93% selloff.
Curtiss-Wright (CW) closed at $740.65, +5.76% on 360.5K shares, a strong session for the defense/nuclear component supplier.
BWX Technologies (BWXT) closed at $215.30, +4.52% on 1.2M shares, extending the post-Q4-earnings rally.
Nano Nuclear Energy (NNE) closed at $27.74, +4.32% on 1.4M shares, holding above $27 for the third consecutive session.
Denison Mines (DNN) closed at $4.36, +4.31% on 40.8M shares, surging back above the $4.30 level and printing a fresh post-CNSC-approval high. Volume remains extraordinary, now the seventh consecutive session above 29M shares. The March 12 earnings call will be the next inflection point.
NexGen Energy (NXE) closed at $13.25, +3.68% on 7.4M shares, rallying in tandem with the Athabasca Basin complex.
Oklo (OKLO) closed at $64.58, +2.59% on 7.2M shares, bouncing off Friday’s $62.85 close. OKLO remains technically damaged but today’s bid shows $62 to $63 is holding as support.
Uranium Energy Corp (UEC) closed at $15.70, +2.41% on 7.3M shares, stabilizing after last week’s slide. March 11 earnings remain the next catalyst.
Centrus Energy (LEU) closed at $206.61, +1.98% on 703K shares, recovering from Friday’s dip below $203.
Key Equity Movers, Laggards
enCore Energy (EU) closed at $2.33, down 13.71% on 14.5M shares, the day’s worst performer by a wide margin. EU reported Q4 earnings today and announced a leadership transition: founder William M. Sheriff is departing as CEO and transitioning to Executive Chair of Verdera Energy, a new entity being spun out from enCore. The market read this as management distraction and strategic uncertainty at a critical time. EU carries a trailing EPS of -$0.35, negative ROE of 19.8%, and a negative net margin of 118.8%, with Wall Street Zen downgrading to Sell in November. The +/- 23.86% expected earnings move priced by the options market materialized firmly to the downside.
Talen Energy (TLN) closed at $352.01, down 5.11% on 803.2K shares, extending a steep slide from the Feb. 25 high of $391.43. TLN has now dropped 10% in four sessions.
Vistra (VST) closed at $166.53, down 4.23% on 5.1M shares, continuing to trade heavy after last week’s Q4 earnings miss. VST reported adjusted earnings below Street expectations, and the stock has been the worst-performing nuclear IPP since the print. The Meta deal and $4.0B Cogentrix acquisition provide a long-term floor, but near-term sentiment is broken.
NuScale AI (NUAI) closed at $4.42, down 3.49% on 1.9M shares.
ASP Isotopes (ASPI) closed at $5.30, down 0.78% on 2.6M shares, drifting lower for the third session after the QLE-NECSA catalyst faded.
Catalysts & Headlines
UUUU Q4 Beat and 2026 Guidance, The Miner Re-Rating Catalyst Energy Fuels’ revenue beat ($27.1M vs. $21.8M consensus) and the guide for 50%+ gross margins in 2026 is the most bullish fundamental print from the upstream miner complex this earnings season. The company’s $1.4B in total assets, $927M working capital, zero debt, and expanding rare earth platform at White Mesa position it as the best-capitalized mid-cap uranium producer in the U.S. Today’s +9.48% move on 15.1M shares confirms the Street is repricing UUUU from “earnings trough” to “margin expansion story.”
enCore Energy Leadership Shake-Up and Spin-Out Founder Sheriff departing to chair Verdera Energy, a spin-out, while EU reported another quarter of losses with -$0.28 trailing EPS. The 13.71% selloff on 14.5M shares (roughly 10x average) signals institutional capitulation. EU is now a restructuring story, not a growth story.
Uranium Spot Reclaims $95 Intraday The Investing News Network live tracker showed spot uranium at $95.24 during today’s session, the first time above $95 since late January’s pullback from $101. This confirms the physical market is tightening again as March utility procurement kicks in.
CCJ Breaks $122 Resistance The most technically significant equity move of the day. Cameco’s clean break above the $122 ceiling on 4.3M shares opens the path to the January highs near $130. As the bellwether, CCJ’s breakout should pull the broader miner complex higher if sustained.
SEQH Desk View
Today was the strongest session for upstream uranium miners since February 9, and the breadth was real: CCJ +6.39%, UUUU +9.48%, DNN +4.31%, NXE +3.68%, UEC +2.41%, URG +3.59%. This is not a single-name event. The miner complex is repricing in response to two converging catalysts: spot uranium reclaiming $95 intraday and UUUU’s earnings print demonstrating that margin expansion is achievable in the current uranium price environment.
CCJ’s breakout above $122 is the single most important technical signal in the sector. The bellwether had been range-bound at $112 to $122 for four weeks. Today’s $125.97 close on above-average volume confirms the range has resolved to the upside. If CCJ holds above $122 tomorrow, the January high near $130 becomes the next target.
The EU collapse (down 13.71%) is a cautionary tale about management risk in small-cap uranium names. The Sheriff departure and Verdera spin-out introduce strategic uncertainty at a company that was already losing money. Watch for further institutional selling in the coming sessions.
VST and TLN are the weak links in the nuclear complex right now. Both are in confirmed downtrends following earnings misses, with VST down 4.23% today and TLN down 5.11%. The nuclear IPP trade (VST, CEG, TLN) is bifurcating, with CEG (+1.61%) decoupling as the quality name while VST and TLN face continued selling pressure.
DNN at $4.36 on 40.8M shares just printed a new post-CNSC high. The stock is now +4.3% above the Roth MKM $4.25 target and accumulating volume continues to be extraordinary. March 12 earnings will either confirm the breakout or trigger a “sell the news” event.
Spot uranium at $95+ intraday heading into March changes the calculus for the entire sector. If the physical market can sustain above $90, the equity-to-commodity discount that built up in February will compress rapidly. Today’s session was the opening salvo.
This Week’s Research
Paid members, this week’s deep dive drops Wednesday night. We are building on the UUUU margin expansion thesis flagged in today’s recap and connecting it to the broader upstream miner re-rating setup developing across CCJ, DNN, NXE, and UEC.
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