Cameco - a rare opportunity to invest in carbon-free nuclear.

Cameco's share price is down nearly 50% from it's 52-week high, despite what is normally a low beta stock. The Company has a strong balance sheet and over $1 billion in cash.  The only issue is earnings.  The P/E ratio is very high, but the $74 million in earnings (before adjustments) for 2019 was a paltry 18 cents per share in an oversupplied market for uranium.  Cameco management is aware of this, and to quote their own strategy:
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<h4>We will not produce from our tier-one assets to sell into an oversupplied spot market. During a prolonged period of uncertainty, this could mean leaving our uranium in the ground. As conditions improve, we expect to meet rising demand with production from our best margin operations.</h4>