Headwater Exploration (TSE:HWX) Downgraded by Desjardins to Hold

Desjardins lowered shares of Headwater Exploration (TSE:HWX) from a buy rating to a hold rating in a report published on Wednesday morning,BayStreet.CA reports. The brokerage currently has C$7.25 price objective on the stock, down from their prior price objective of C$8.25.

A number of other research firms have also recently weighed in on HWX. CIBC set a C$9.00 price target on Headwater Exploration and gave the stock an “outperform” rating in a report on Thursday, January 30th. Raymond James raised Headwater Exploration from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 7th. Atb Cap Markets raised Headwater Exploration to a “strong-buy” rating in a research note on Tuesday, December 3rd. Finally, National Bankshares decreased their price objective on shares of Headwater Exploration from C$9.50 to C$9.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Headwater Exploration currently has an average rating of “Buy” and a consensus target price of C$9.21.

Headwater Exploration Stock Up 1.4 %

HWX stock opened at C$6.36 on Wednesday. The company has a current ratio of 1.54, a quick ratio of 2.07 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is C$6.65 and its 200 day moving average price is C$6.68. Headwater Exploration has a 52 week low of C$5.70 and a 52 week high of C$8.57. The company has a market cap of C$1.51 billion, a P/E ratio of 8.15, a P/E/G ratio of 0.83 and a beta of 1.55.

Insider Buying and Selling

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

Headwater Exploration Company Profile

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.