OKLO, CCJ, SMR: Nuclear Power Stocks Rise as New York Plans First U.S. Reactor in Years

The stocks of leading nuclear power companies are up about 2% on reports that New York State is planning to build the first major U.S. nuclear power plant in more than 15 years.

Shares of Oklo (OKLO), Cameco (CCJ), and Nuscale Power (SMR) are trending after New York Governor Kathy Hochul said that the New York-based nuclear reactor will have enough output to power one million homes across the state.

Governor Hochul outlined the plans in an interview with The Wall Street Journal, saying she’d requested the New York Power Authority to add at least one gigawatt of electricity generation to the state’s nuclear power capacity.

Growing Interest

Shunned in recent years over perceptions it is too risky, nuclear power is back in the spotlight as U.S. power demand increases, particularly with a growing number of artificial intelligence (AI) data centers coming online. Many analysts and industry executives view nuclear power as a clean energy source.

Technology companies such as Meta Platforms (META) and Amazon (AMZN) are exploring nuclear power options as they look to meet their AI needs. Microsoft (MSFT) has gone so far as to say that it plans to revive the Three Mile Island nuclear facility, which is the site of the biggest U.S. nuclear mishap.

For her part, Governor Hochul said that the nuclear reactor, which will be a public utility, could go at it alone or enlist private entities for investment funds.

Is OKLO Stock a Buy?

The stock of Oklo has a consensus Moderate Buy rating among 10 Wall Street analysts. That rating is based on seven Buy and three Hold recommendations issued in the past three months. The average OKLO price target of $60.50 implies 7.29% upside from current levels.

Read more analyst ratings of OKLO stock