UEC And Energy Fuels Added To Russell 3000® Index To Represent US Uranium Space

UEC and Energy Fuels Added to Russell 3000® Index to Represent US Uranium Space

The annual reconstitution of the Russell indexes was completed on June 19, and this year's update saw two companies in the uranium space make the cut.

Uranium Energy (NYSEMKT: UEC) was added to the Russell 3000® Index and the Russell Global® Index, while Energy Fuels (TSX:EFR,NYSEMKT:UUUU) took a spot on the Russell 3000® Index.

The Russell 3000® Index measures the performance of the 3,000 largest US companies, representing about 98 percent of the investible US equity market. The criteria for being added to the index are fairly straightforward: member companies must meet market cap requirements, have a close price at or above US$1 on their primary exchange and have more than 5 percent of their shares available in the marketplace.

Here the Investing News Network looks at recent news from Uranium Energy and Energy Fuels, focusing on analyst commentary on why they are worth taking a closer look at.

Uranium Energy

Uranium Energy has been working hard to develop two of its Texas-based projects, both of which received the necessary permits at the end of May. Specifically, the company's Palangana ISR mine was granted all permits for a planned expansion and is now fully permitted for extraction in new resource areas. In addition, Uranium Energy's Burke Hollow ISR project received disposal well draft permits; according to Rob Chang of Cantor Fitzgerald, it has traditionally been difficult to obtain deep disposal well permits in the ISR space in the US.

Besides making progress at its properties, Uranium Energy has been securing sales deals, announcing earlier this month that it has received $3.08 million in cash from the sales of uranium inventory. Most recently, the company faced some legal backlash regarding its uranium stocks, with Pomerantz putting out a release last week stating that it is investigating claims on behalf of Uranium Energy investors. The company quickly responded to the allegations, and said they have "absolutely no merit and are comprised of unfounded allegations made by a third party whose motives are questionable."