Paladin Energy Ltd (ASX: PDN) shares have risen 53.6% over the past three months and 28% so far in 2023.
But it's not too late to buy the ASX uranium share, according to one expert.
Let's find out why.
Paladin Energy shares are rocketing
In light of the AUKUS deal involving Australia purchasing US nuclear-powered submarines, the concept of nuclear energy and its place in the green energy era is now back in the public square.
According to The Bull, John Athanasiou of Red Leaf Securities says:
Uranium is starting to become a politically acceptable part of the global energy mix.
Federal Opposition calls to include nuclear power in Australia's future energy mix have again put uranium on the national agenda.
Athanasiou says Paladin Energy shares are well-placed to capitalise on changing perceptions of uranium.
He says:
Paladin holds a 75 per cent interest in the Langer Heinrich mine in Namibia.
First volumes are targeted to resume in the first quarter of calendar 2024.
Athanasiou commented that Paladin Energy shares have been trending higher since May, saying "Paladin offers a brighter outlook".
As my Fool colleague Tony points out, there is plenty of other support for Paladin Energy shares within the professional trader community.
According to CMC Markets, all six analysts covering the ASX mining share rate it a 'strong buy'.
Uranium prices to rise
The Department of Industry says uranium is one of very few commodities likely to rise in price over the next five years.
In FY22, the average price of uranium was US$45 per pound.
As we previously reported in May, the government was expecting an FY23 average price of US$51 per pound.
The prediction is that the uranium price will rise to an average of US$67 per pound by FY28.
Uranium is currently trading for US$58.25 per pound, up 2.2% overnight and up 19% year over year.
What's happening with other ASX uranium shares?
As stated earlier, Paladin Energy shares have risen 53.6% over the past three months and 28% in 2023.
By comparison, Boss Energy Ltd (ASX: BOE) shares have risen 22.6% over the past three months and 65.5% in 2023.
Deep Yellow Ltd (ASX: DYL) shares have risen have risen 50% over the past three months and 28% in 2023.
