UR-Energy (URG) PT Lowered to $3.40 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle lowered the price target on UR-Energy (NYSE: URG) to $3.40 (from $3.60) while maintaining a Buy rating.

The analyst commented: "On April 23, Ur-Energy (URG) provided an operational update for 1Q24. During the quarter, the company captured approximately 38,221 pounds (lbs) of U3O8, dried and packaged about 39,229lbs of U3O8, and shipped 35,445lbs of U3O8. By the end of the quarter, the firm’s inventory was approximately 80,465lbs of U3O8, while drummed inventory was about 26,062lbs of U3O8, and finished inventory at the conversion facility stood at approximately 79,235lbs of U3O8. Importantly, ramp-up at Lost Creek remains ongoing, with two additional header houses (HH) expected to come online during the year. Notably, URG presently has 13 drill rigs on site, with another rig scheduled to begin work in early May. Drilling has advanced into HH 2-11, while completion tasks for HH 2-8 remain underway. Finally, we note that the fabrication process at HH 2-8 and 2-9 has now been completed, with HH 2-8 expected to come online in May. Reiterate Buy rating while lowering PT to $3.40 from $3.60."

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