William Blair Starts Coverage on BWXT, Centrus, Oklo with Outperform Ratings

William Blair has initiated coverage on three nuclear energy companies—BWX Technologies, Centrus Energy, and Oklo Inc.—assigning each an Outperform rating due to their strong market positions and growth potential amid a nuclear energy resurgence. BWX Technologies is highlighted for its critical role supplying the U.S. Navy’s nuclear fleet and Canada’s CANDU reactors, with upside potential from involvement in small modular reactors (SMRs) and early contracts with GE Hitachi and Westinghouse. Centrus Energy, the only U.S.-owned uranium enricher with exclusive licenses for low-enriched and high-assay low-enriched uranium, is positioned to reduce reliance on Russian enrichment and capitalize on a projected surge in demand. Oklo’s vertically integrated build-own-operate model for advanced SMRs is seen as a differentiator that could expedite regulatory approval and leverage rising electricity prices, supporting its rapid stock gains. All three companies benefit from favorable policy developments, technological advantages, and strategic positioning within the nuclear supply chain, underlining William Blair’s confidence in their long-term growth amid the expanding SMR market and nuclear renaissance. These endorsements reflect an optimistic outlook for nuclear energy’s role in future clean energy solutions and national security.