CIBC Lowers Headwater Exploration (TSE:HWX) Price Target to C$8.50

Headwater Exploration (TSE:HWX) had its target price dropped by equities research analysts at CIBC from C$9.00 to C$8.50 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. CIBC’s price objective would suggest a potential upside of 55.68% from the stock’s previous close.

HWX has been the topic of several other research reports. Raymond James raised Headwater Exploration from a “market perform” rating to an “outperform” rating in a research report on Tuesday, January 7th. Desjardins downgraded shares of Headwater Exploration from a “buy” rating to a “hold” rating and lowered their target price for the stock from C$8.25 to C$7.25 in a report on Wednesday, March 19th. Finally, National Bankshares cut their price target on shares of Headwater Exploration from C$9.50 to C$9.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Headwater Exploration has a consensus rating of “Buy” and a consensus price target of C$8.69.

Headwater Exploration Price Performance

Shares of TSE HWX opened at C$5.46 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.54 and a quick ratio of 2.07. The business has a 50-day moving average of C$6.23 and a 200-day moving average of C$6.60. The stock has a market capitalization of C$1.29 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 0.83 and a beta of 1.55. Headwater Exploration has a fifty-two week low of C$4.75 and a fifty-two week high of C$8.38.

Insider Activity at Headwater Exploration

In related news, Director Phillip R. Knoll sold 5,400 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of C$6.97, for a total value of C$37,638.00. 5.08% of the stock is owned by company insiders.

About Headwater Exploration

Headwater Exploration Inc engages in the exploration, development, and production of petroleum and natural gas in Canada. It holds interest in the Marten Hills area located in Alberta, and McCully Field area located in New Brunswick. The company was formerly known as Corridor Resources Inc and changed its name to Headwater Exploration Inc in March 2020.