As we head into New Year 2023, there are clear indications that these top nuclear energy stocks to buy will continue to be attractive. Nuclear energy is one of the few renewable resources available for us to utilize and can make a huge contribution to meet the world’s energy demands. At present, only 10% of the world’s power supply comes from this source. However, the International Atomic Energy Agency (IAEA) has predicted that given its growing popularity and existing capacity, global nuclear-generating capacity is likely to double by 2050. This means that nuclear energy is sure to play an increasingly important role in our quest for a more sustainable future.

In addition, nuclear has a remarkable energy density compared to other natural gas, oil, and coal resources. For instance, one uranium pellet can produce the same energy as 149 gallons of crude oil. Additionally, electricity produced from nuclear energy is highly reliable due to its capacity factor, which stands at an amazing 92.5%, much higher than alternative sources such as solar. This underscores the importance of scientific realities regarding nuclear energy resources and the long-term attractiveness of nuclear energy stocks to buy.

Stocks to Buy: US Nuclear (UCLE)

US Nuclear (OTCMKTS:UCLE) is one of the top nuclear energy stocks to buy at this time. The firm offers state-of-the-art radiation-detection devices, which have proven to be incredibly sensitive, providing a small number of customers with extremely reliable results and data. This reputation for reliability and quality makes the company an attractive option for anyone looking for top nuclear stocks to buy.

Also, recent events worldwide set the wheels in motion for a large demand increase in radiation-detection tools. The market for radiation-detection services is expected to grow by an incredible 7% CAGR through 2030, resulting in a $5 billion market. A small slice of that pie could be massive for UCLE stock.

Stocks to Buy: Cameco Corp. (CCJ)

Cameco Corp. (NYSE:CCJ) is a Canada-based company that has become one of the leading producers of uranium. Its market capitalization of under $10 billion speaks to its reputable status. Moreover, it boasts 464 million pounds of reserves and an additional 154 million inferred reserves.

In addition, Cameco is thriving on global nuclear demand recovery. In fact, in 2022 along, Cameco added about 50 million pounds of long-term uranium contracts, and its fuel services segment prices are at an all-time high. Looking ahead, the future looks even brighter with the recent deal with China, which will help Cameco gain a foothold in the world’s fastest-growing uranium market.

Stocks to Buy: BHP (BHP)

Investing in the sector does not come without risk. Therefore, diversification is key, especially with global nuclear stocks to buy, such as Australian commodities player BHP (NYSE:BHP).  In the past fiscal year alone, it produced a staggering 3.3 million metric tons of uranium, contributing immensely to its eye-watering adjusted EBITDA figure of $40.6 billion in fiscal 2022. Iron core and copper were two primary drivers for such a huge accomplishment, but BHP hasn’t rested on its laurels; it plans to accelerate its investments into future-facing commodities, including uranium which should be a major growth catalyst in the future.

NuScale Power (SMR)

NuScale Power (NYSE:SMR) is at the forefront of SMR (small modular reactor) technology, boasting a significantly smaller physical footprint that enables the reactors to be situated closer to the source of demand. NuScale’s technology opens up previously inaccessible areas for reliable power streams. Its innovative SMR power plant is set to revolutionize the nuclear energy industry and can produce up to 60 megawatts of energy, enough to power thousands of homes.

The firm was recently contracted to build multiple nuclear reactors in Idaho by 2029-2030 with the U.S. Department of Energy. The global SMR market was demonstrating remarkable growth, valued at $3.5 billion in 2020 and projected to reach $18.8 billion by 2030. This impressive forecast suggests that this exciting sector could grow by an incredible 15.8% annually over a 10-year period.

Electricite de France (ECIFY)

The European Union recently recognized some nuclear projects as green initiatives, granting them access to affordable loans and state programs. This action furthers their ambition of transitioning away from Russian oil and reducing greenhouse gas emissions while fostering economic growth. In line with this goal, the French nuclear energy company Electricite de France (OTCMKTS:ECIFY) has received quite a bit of attention over the past few months.

This state-owned enterprise demonstrates the French Government’s commitment to nuclear power and its advantages as part of a sustainable energy strategy. It is an exciting step forward as the government builds large-scale nuclear power plants in preparation for the country’s future needs. The French Government recently increased its stake from 84% to 100%. Additionally, their increased stake control provides the business with a strong foundation to further expand on the company’s projects.

Denison Mines (DNN)

Denison Mines (NYSEAMERICAN:DNN) is another Canadian uranium mining company involved in the chemical element’s exploration, development, and production. Moreover, it also has holdings with interests in the commodities of coal and potash. Denison Mines has placed itself in an advantageous position in an ever-evolving industry by investing not just in uranium but other commodities.

With its sterling portfolio of uranium mining projects, Denison Mines has generated great excitement from investors. It has almost a 100% interest in its flagship Wheeler River Project, which is in its feasibility stage. Moreover, it also has interest in the McClean Lake Project, which has incredibly low costs for producing uranium. Each of these projects is a valuable resource that promises sizeable output at low costs in the future.

Centrus Energy (LEU)

Centrus Energy (NYSEAMERICAN:LEU) is a top nuclear energy company to watch. It boasts deployment-ready centrifuge and enriched uranium for utilities abroad and domestically in the U.S. The company’s robust fundamentals are currently being bolstered by tailwinds of change, making it one of the best pure plays in the industry.

Centrus Energy has demonstrated stellar operating performance, with soaring revenues and an impressive earnings profile. It boasts an EBITDA and net income margin of more than 50%, while its $400 million deferred tax assets provide a cushion for future profits. Even more noteworthy is that despite this strong growth, the stock trades at a remarkably low price multiple of under two times forward sales estimates. This points to the firm’s immense potential for investors who benefit from the company’s long-term growth runway.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines