Firm expands energy portfolio
Goehring & Rozencwajg Significantly Boosts Stakes in Centrus, Ivanhoe, Energy Fuels, and Expand Energy
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Key Points
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In Centrus Energy (LEU), Goehring & Rozencwajg said its 171,114-share position made up about 4.0% of its portfolio and was its 9th-largest holding; the firm also reported owning about 0.94% of LEU worth about $41.54 million, with 49.96% of the stock held by institutions. The article also notes analyst moves including Weiss Ratings’ downgrade to a “hold (c-)” from “hold (c)” and Citigroup cutting its price target from $224 to $218.
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For Ivanhoe Electric (IE), the filing details that the enlarged 1,787,897-share stake was about 2.7% of Goehring & Rozencwajg’s holdings and the firm’s 15th-largest position; it also reported owning about 1.24% of the company worth roughly $28.57 million. The same article highlights additional investor activity, such as Wells Fargo & Company MN increasing its IE position by 114.9% to 121,282 shares.
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For Energy Fuels (UUUU), Goehring & Rozencwajg reported the stake of 1,229,408 shares as its 20th-largest holding, representing about 1.7% of its portfolio, and said it owned about 0.52% of the company worth approximately $17.88 million. The article also adds that institutions hold 48.24% of UUUU and cites analyst updates including Roth Mkm reaffirming a “neutral” rating with a $17.00 price target and Goldman Sachs cutting its price target from $29.00 to $21.00 while rating the stock “buy.”
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For Expand Energy (EXE), beyond the reported 49.2% increase, the article states Goehring & Rozencwajg’s 165,368 shares made up about 1.8% of its portfolio and were its 19th-largest holding, valued at about $18.25 million. It also includes other investors’ moves, such as Atlantic Union Bankshares Corp boosting its EXE stake by 74.6% (to 234 shares) during the fourth quarter.
Goehring & Rozencwajg Associates LLC quietly expanded its bets on uranium and domestic energy in the first quarter of 2026, boosting stakes in four companies across its latest SEC 13F filings. The firm's biggest move was a nearly 50% jump in its Expand Energy position, while it also lifted holdings in Centrus Energy, Ivanhoe Electric, and Energy Fuels by roughly 5-6% each, according to MarketBeat.
The buying spree reflects the firm's long-held view that commodity markets are at a "generational" turning point. Managing partner Adam Rozencwajg has argued the uranium market has shifted from a demand story to one defined by "persistent supply tightness" — a thesis that now shapes the firm's largest portfolio positions, per Family Wealth Report.
Centrus Stake Climbs as Nuclear Enrichment Deal Looms
Goehring & Rozencwajg lifted its Centrus Energy (LEU) position to 171,114 shares, making it the firm's 9th-largest holding at 4.0% of its portfolio. The stake is worth roughly $41.54 million and equals about 0.94% of the company, according to Stock Analysis. Institutions hold nearly 50% of Centrus shares overall.
The timing matters. In February 2026, Centrus subsidiary American Centrifuge Operating signed a major construction agreement with Fluor Federal Services to build a commercial uranium enrichment plant in Piketon, Ohio, per SEC. Still, not all analysts are cheering. Citigroup cut its price target on LEU from $224 to $218, and Weiss Ratings downgraded the stock to a "hold (c-)," according to Intellectia AI.
Expand Energy Gets the Biggest Bet — Up 49%
The firm's most aggressive move was in Expand Energy (EXE), the natural gas giant formed when Chesapeake Energy and Southwestern Energy merged in October 2024 for $7.4 billion, per Investing.com. Goehring & Rozencwajg grew its EXE stake by 49.2%, reaching 165,368 shares worth about $18.25 million — now the firm's 19th-largest holding at 1.8% of its portfolio.
CEO Nick Dell'Osso framed the company as a global player, saying "the world is short energy" and that Expand Energy is "uniquely positioned to compete on an international scale," per a Chesapeake Press Release. Analysts mostly agree — 92.9% of ratings are "Buy" — though Barclays stands out, downgrading EXE to "Equal-Weight" with a $110 target, the lowest on Wall Street, according to Perplexity.
Energy Fuels and Ivanhoe Round Out the Uranium Push
Goehring & Rozencwajg raised its Energy Fuels (UUUU) stake 5% to 1,229,408 shares, valued at about $17.88 million and ranked 20th in the portfolio. Institutions own 48.24% of UUUU's shares. CEO Ross Bhappu said the company is on track to hit its 2026 uranium production targets, calling White Mesa Mill the "clear leading US uranium producer," per Mining.com.
Goldman Sachs trimmed its UUUU price target from $29 to $21 on June 12, while keeping a "Buy" rating, citing the company's rare ability to process both uranium and rare earth elements. Roth MKM is more cautious, holding a "Neutral" rating with a $17 target, per Barchart. Meanwhile, the firm also grew its Ivanhoe Electric (IE) stake 5% to 1,787,897 shares, worth roughly $28.57 million — its 15th-largest position at 2.7% of the portfolio.
Uranium Supply Crunch Drives the Firm's Long-Term Thesis
Behind all four trades is one big idea: the world needs more domestic energy, and supply cannot keep up. Kazatomprom and Cameco, the world's top uranium producers, have both reported ongoing supply constraints heading into 2026, per Goehring & Rozencwajg Commentary. Western nations are also racing to cut ties with Russian enriched uranium, which has made U.S.-based producers like Centrus far more strategically valuable.
The firm frames these buys as a response to what it calls an underappreciated "capital spending cycle." Bears at firms like Roth MKM and Barclays counter that recent price spikes are driven by geopolitical "psychology" rather than lasting fundamentals. With uranium prices still elevated and natural gas demand rising, the market will decide who is right — probably sooner than later.
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