Daily Nuclear & Uranium Market Recap
2/13/26
Daily Nuclear & Uranium Market Recap
Friday, February 13, 2026
Market Overview
The nuclear and uranium sector closed the week with a clear bifurcation: fuel-cycle and power-gen names rallied while upstream miners sold off. Uranium spot held steady at $89.50/lb, up +7.70% month-over-month and +32.59% year-over-year. The World Uranium Index (^URAXPD) traded in a wide $1,273.88–$1,316.82 range, closing near the lows, consistent with miner-side weakness despite spot commodity strength. Energy Intelligence confirmed the U3O8 spot price jumped nearly $3/lb this week as SPUT and Yellow Cake competed with utility procurement for physical material.
Key Equity Movers - Winners
Centrus Energy (LEU) - The day’s top performer at $199.01, +7.46% on 1.6M shares. A powerful dead-cat bounce off yesterday’s post-earnings lows as the market re-priced the Fluor EPC partnership announced Feb. 11. Fluor will manage multi-year engineering, supply chain, construction, and commissioning of Centrus’s Piketon, Ohio enrichment expansion, the only licensed HALEU production site in the Western Hemisphere, against a $2.3 billion commercial backlog. Intraday range: $195.00–$199.18.
Vistra (VST) - $171.49, +5.14% on 5.9M shares, rallying alongside the nuclear-powered IPP complex on continued AI/data center demand narrative.
Constellation Energy (CEG) - $288.43, +4.46% on 5.3M shares, following VST higher as the large-cap nuclear utility pair trades in tandem on power demand tailwinds.
NuScale Power (SMR) - $14.45, +3.29% on a massive 23.1M shares, the most actively traded nuclear name today. Intraday range tight at $14.31–$14.46.
Oklo (OKLO) - $65.99, +3.24% on 6.0M shares, bouncing modestly off yesterday’s selloff. Range: $65.70–$66.00. Still well below both its 50-DMA and 200-DMA, but buyers defended the $65 level for the second session.
Key Equity Movers - Laggards
Cameco (CCJ) - $113.39, -2.58% on 5.9M shares, the session’s notable decliner after reporting Q4 2025 earnings this morning. Q4 revenue came in at $1.201B (vs. $1.183B prior year), net earnings of $199M ($0.46/share vs. $0.31 YoY), and adjusted EBITDA of $591M(vs. $524M). Full-year 2025 was strong: revenue $3.482B (+11%), adjusted net earnings $627M (+115%), adjusted EPS $1.44 (vs. $0.67). Despite the beat, shares sold off, the market may have been expecting more given the uranium price backdrop. Intraday range: $112.50–$114.29.
Energy Fuels (UUUU) - $20.78, -2.44% on 8.8M shares, pulling back after its strong +7% run earlier this week.
NuClear (NKLR) - $4.22, -2.54%, continuing to bleed on thin volume (461K shares).
Ur-Energy (URG) - $1.56, -1.27% on 4.6M shares, weak alongside the upstream miner cohort.
Denison Mines (DNN) - $3.81, -0.52% on heavy 50.8M shares, the highest volume name in the complex by share count. Modest decline, but the massive volume suggests institutional repositioning ahead of the Phoenix ISR FID.
ASP Isotopes (ASPI) - $5.12, -0.19% on 3.0M shares, essentially flat. Range: $5.18–$5.50with the close below the open, a bearish candle on a name that had been running.
Catalysts & Headlines
Cameco Q4 2025 Earnings, Sell the News - Despite a strong quarter (adj. EPS $0.50 vs. $0.36 YoY, EBITDA +12.8%), CCJ traded down -2.58% as the market priced in the results ahead of the print. Full-year 2025 adjusted EPS of $1.44 (+115% YoY) and $1.929B in adjusted EBITDA underline the fundamental strength, but at $113.39 the stock was already reflecting much of this.
Centrus-Fluor EPC Deal, Execution De-Risk - The Feb. 11 announcement is the most structurally significant catalyst in the fuel-cycle space this quarter. Fluor’s involvement moves the Piketon expansion from planning to execution, with the facility positioned to serve both commercial LEU demand ($2.3B backlog) and DOE-funded HALEU production (900 kg/yr Phase III target).
Physical Uranium Spot Resilient at $89.50 - Despite equity weakness in CCJ, UUUU, URG, and DNN, the physical commodity printed flat at $89.50 and has risen +$3/lb on the week. This physical-equity divergence remains the defining feature of the week.
SEQH Desk View
Today’s session tells a clear story: the market is rotating from upstream miners into fuel-cycle and power-gen names. LEU (+7.46%), VST (+5.14%), CEG (+4.46%), and SMR (+3.29%) all rallied while CCJ (-2.58%), UUUU (-2.44%), URG (-1.27%), and DNN (-0.52%) sold off. This makes sense, with spot uranium already at $89.50 and holding, the next marginal dollar of value creation is being priced into companies that convert, enrich, and deploy nuclear fuel rather than mine it.
CCJ’s earnings were objectively strong - $627M adjusted net income, +115% YoY, but at $113.39 on a $49B market cap, the stock is trading at ~78x adjusted earnings, leaving little room for upside surprise. The sell-the-news reaction is a warning that miner valuations may be capped near current levels unless spot breaks decisively above $90.
LEU’s +7.46% bounce is the trade to watch. The Fluor partnership fundamentally de-risks the Piketon expansion timeline, and the $2.3B commercial backlog provides multi-year revenue visibility that the Q4 miss temporarily obscured. If LEU can reclaim $210–$215 next week, the post-earnings selloff was a gift.
DNN’s 50.8M share volume on a -0.52% move is the most interesting data point of the day, that kind of volume-without-movement signals large block trades and institutional repositioning, likely ahead of the Phoenix ISR Final Investment Decision expected in the coming weeks.