The Boss Energy share price is up 101% in 2023. Is it too late to buy this ASX 300 uranium stock?

Investors have been bidding up the Boss Energy share price ahead of its planned Honeymoon uranium project restart.

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The Boss Energy Ltd (ASX: BOE) share price is doing it again today.

And by 'it', I mean charging higher.

In morning trade on Wednesday, the S&P/ASX 300 Index (ASX: XKO) uranium share is up 3.3% to $4.09 a share.

That puts the Boss Energy share price up a whopping 101% since the opening bell kicked off this year's trading on 3 January.

So, with those kinds of stellar gains already in the bag, is it too late to buy the uranium miner?

After the big leap in the Boss Energy share price, is the miner still a buy?

Obviously, we'd all like to turn the clock back to 3 January and load up on shares of the ASX 300 uranium miner.

While we can't do that, I believe the stock could still deliver market-beating returns despite this year's doubling of the Boss Energy share price.

On the macro side of things, the world has been edging back towards increased acceptance and use of nuclear energy for several years now.

We're seeing the introduction of smaller-scale modular nuclear reactors, with leading designs from Rolls Royce potentially expanding across Europe.

And we're seeing major new nuclear power plant construction in the world's most populous nations, China and India.

Even in Australia, home to some of the world's richest uranium deposits, debate has rekindled about nuclear energy as a reliable baseload source that doesn't pump carbon into the air.

So, how does that relate to the soaring Boss Energy share price?

Well, the price of uranium, though down from the April 2022 highs, remains almost twice what it was before Russia invaded Ukraine. And with the increased demand outlined above, along with limited new supplies, those prices are likely to be supported moving forward.

What's been happening with the ASX 300 uranium stock?

In its June quarterly report, Boss Energy confirmed it is on track to achieve first uranium production from its South Australian Honeymoon project in the December quarter.

That will see Boss Energy become Australia's third uranium producer.

As for the outlook for uranium demand, the miner noted, "There is a mismatch between supply and demand in the near to mid-term as only restarts and existing production can meet demand in this timeframe."

And the company is well-funded to see it through to production and sales. As at 30 June, Boss Energy held cash and cash equivalents of $89 million.

Commenting on the uranium miner in August, when the Boss Energy share price was 'only' up around 70% for the year, Braden Gardiner, financial markets trader at Tradethestructure, said (courtesy of The Bull):

Federal Opposition calls to include nuclear power in Australia's energy mix have stirred optimism in Australia's uranium industry. BOE is a uranium mine developer focused on re-opening its Honeymoon uranium project. First production is targeted for the fourth quarter of fiscal year 2023.

Although Gardiner placed a hold recommendation on the uranium miner, he was optimistic about the outlook for the Boss Energy share price.

"We expect the recent share price rally to continue," he said.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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