Headwater Exploration (TSE:HWX) Cut to “Hold” at Desjardins

Desjardins cut shares of Headwater Exploration (TSE:HWX) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm currently has C$7.25 price objective on the stock, down from their previous price objective of C$8.25.

HWX has been the subject of several other reports. Atb Cap Markets upgraded Headwater Exploration to a “strong-buy” rating in a report on Tuesday, December 3rd. CIBC set a C$9.00 price objective on shares of Headwater Exploration and gave the company an “outperform” rating in a report on Thursday, January 30th. Raymond James upgraded shares of Headwater Exploration from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 7th. 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 for the company in a report 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 company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$9.21.

Headwater Exploration Price Performance

Shares of TSE:HWX opened at C$6.38 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 1.54 and a debt-to-equity ratio of 0.12. The company has a market cap of C$1.51 billion, a P/E ratio of 8.18, a PEG ratio of 0.83 and a beta of 1.55. Headwater Exploration has a 52 week low of C$5.70 and a 52 week high of C$8.57. The company has a 50-day moving average price of C$6.61 and a 200 day moving average price of C$6.68.

Insider Activity

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

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.