Energy Fuels (UUUU) shares soared 7.1% in the last trading session to close at $5.30. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.6% gain over the past four weeks.

Energy Fuels shares gained since the news that the Federal Court of Australia approved its pending acquisition of Base Resources Limited. This clears the way for the deal to close on Oct. 2, 2024. 

The acquisition adds Base Resources’ Toliara Mineral Sand Project to UUUU’s portfolio, complementing its Bahia Mineral Sand Project in Brazil. These assets, combined with Energy Fuel’s 49% interest in the joint venture to develop the Donald Mineral Sand Project in Australia, will position it as a major producer of rare earth elements (REE), titanium and zirconium.

This uranium and vanadium miner and developer is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -150%. Revenues are expected to be $5.1 million, down 53.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Energy Fuels, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on UUUU going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Energy Fuels is a member of the Zacks Mining - Non Ferrous industry. One other stock in the same industry, Freeport-McMoRan (FCX), finished the last trading session 1.4% lower at $44.53. FCX has returned 4.3% over the past month.

For Freeport-McMoRan , the consensus EPS estimate for the upcoming report has changed -1.1% over the past month to $0.45. This represents a change of +15.4% from what the company reported a year ago. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

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