Nuclear energy stocks have been in the doldrums this year. The Global X Uranium ETF (NYSEMKT: URA) is down around 15% so far this year, reflecting the sector's overall malaise. The reason for the decline is that the sector became a little overheated due to enthusiasm for nuclear energy, with technology companies signing deals to secure nuclear electricity for artificial intelligence (AI) data centers. While this points to long-term growth, many newer nuclear energy companies face a long road to profitability. Instead of focusing on nuclear companies that may eventually turn things around, it makes more sense to look at pick-and-shovel nuclear stocks that are already profitable and benefiting from the growth of nuclear energy. One of those stocks is Centrus Energy (NYSE: LEU), the lone publicly traded proven U.S. uranium enricher. While shares of Centrus have plummeted more than 52% so far this year, the company remains a solid buy, and the stock's valuation has become more reasonable, trading at about 33 times forward earnings.
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