Founded in by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. It wasn't a good year for uranium in Investors had to suffer through continued commodity price weakness even though the long-term backdrop for uranium and nuclear power remained relatively strong. Indeed, it took an iron stomach to buy a uranium miner like Cameco Corp. CCJ , which was easily the best uranium stock of Here's why, despite the tough year, Cameco Corp.

The first thing to point out is that Cameco isn't the only option for investing in uranium. But it might as well be. RIO counts uranium among the many products it digs out of the ground. At the other end of the spectrum are companies like Energy Fuels NYSEMKT: UUUU and Uranium Energy Corp.

They'll certainly get you exposure to uranium, but with a huge amount of investing risk. Both have been bleeding red ink for years.

And then there's Cameco.

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It's a pure play on the nuclear power market. It's really the best way to get direct exposure to the nuclear fuel for most investors. However, size and focus alone don't make it the best uranium stock of What makes Cameco stand out is how hard it's worked to deal with the difficult uranium market.

Uranium prices have been weak since the Fukushima disaster in Japan. In response, Cameco, like so many other miners dealing with weak prices, has been cutting costs. That's the right move in a tough market. The miner has also been working hard on the cost frontby replacing higher cost production from its declining assets with increased production from its Cigar Lake project. Meanwhile Cameco's long-term contracts provided material protection from weak spot prices in the uranium market. The company's conservative business plan is holding up to a major stress test.

And that Cameco has remained profitable throughout the downturn, unlike smaller pure plays like Uranium Energy and Energy Fuels. To be fair, Cameco has been burning cash. But part of that cash burn has been spending on projects like Cigar Lake that have helped Cameco adjust to the hard times it's currently facing. A tough but important business decision. There's many reasons to like the long-term future of uranium. That includes the fact that there are over 50 new reactors currently in construction today, mostly in developing countries with a growing demand for power.

Unfortunately, a rosy outlook doesn't make the current uranium downturn any easier to live through. So while part of the reason Cameco gets the nod for the top uranium stock in is because it is the largest pure-play option, it has also been doing the right things to deal with the downturn. That includes cutting costs, investing where it will benefit the company and shareholders most, maintaining a conservative financial structure, and, all in, keeping its head above water.

If you are looking to invest in uranium, you'll want to put Cameco on your short list. Reuben Brewer has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Reuben Gregg Brewer believes dividends are a window into a company's soul.

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