NEW YORK (TheStreet) -- Shares of Uranium Energy (UEC) - Get Uranium Energy Corp. Report rose to a 52-week high of $2.41 on Thursday after a Japanese court decided to remove one of the last significant roadblocks in the way of restarting Kyushu Electric Power's Sendai nuclear power plant.
On Wednesday, a Kagoshima District Court rejected a petition filed by some residents near the plant in the city of Satsumasendai to delay the restart of two reactors after safety regulators cleared it.
All 48 of Japan's nuclear reactors were taken offline following the Fukushima disaster in 2011. Approximately 30% of Japan's energy was nuclear generated prior to Fukushima.
Japanese Prime Minister Shinzo Abe has been pushing to restart the nation's nuclear industry with a goal of sourcing 20% of the nation's electricity needs from nuclear power by 2030.
Japan's restarting of its nuclear power plants would likely boost uranium prices, as investors would feel more confident in the uranium industry.
More than 3.6 million shares had changed hands as of 12:04 p.m., compared to the daily average volume of 714,224.