The Paladin Energy Ltd (ASX: PDN) share price had a strong first quarter of the financial year and managed to clip a 30% gain in the process.
Shares in the uranium explorer are currently resting at 79.2 cents apiece during morning trade on Thursday, having whipsawed in a wide price range across the length of 2022.
As seen in the chart below, the share has rallied hard off 52-week lows back on 23 June.
Image source: Getty Images
What's next for the Paladin Energy share price?
Energy shares continue to catch a strong bid in the second half of 2022.
The S&P/ASX 200 Energy Index (ASX: XEJ) has returned around 37% this year to date, having bounced off a sharp low in September.
Paladin's key market, uranium, has pushed higher over the past 12 months and gained 18% in that time.
While there's been some volatility in pricing, the metal used in nuclear energy has shown a gradual climb upwards this year.
The price swings have been important for the growth in the Paladin share price, seeing as the company is a price taker on uranium.
As seen in the chart below, there's been somewhat of a similarity in movements between the pair over the past 12 months to date.
This is important for projections for Paladin moving forward. For instance, four out of five analysts covering the share rate it a buy right now, according to Refinitiv Eikon data.
Meanwhile, forward contracts on uranium for physical delivery have priced uranium at US$49 per pound for February 2023, and US$50 per pound in March 2023.
At present, it trades at US$49.25 per pound. Furthermore, given Paladin's lack of profitable earnings at present, valuation is increasingly difficult.
The company does, however, trade on a price-to-book (P/B) ratio of 3.98 times, roughly in-line with the GICS Metals & Mining Industry's median of 4.09 times.
It is also estimated by analysts to deliver a 0.26% forward dividend yield, per Refinitiv.
Alas, it remains predominantly a uranium story for Paladin, seconded by the market's breadth of investment into growth-type shares with no profits.
Meantime, the Paladin Energy share price has climbed 12% in the past 12 months.
