Headwater Exploration (TSE:HWX) Reaches New 52-Week Low Following Analyst Downgrade

Headwater Exploration Inc. (TSE:HWX) hit a new 52-week low during mid-day trading on Thursday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The company traded as low as C$4.75 and last traded at C$5.59, with a volume of 1840799 shares changing hands. The stock had previously closed at C$4.91.

A number of other equities analysts also recently issued reports on HWX. Desjardins downgraded shares of Headwater Exploration from a “buy” rating to a “hold” rating and cut their price objective for the stock from C$8.25 to C$7.25 in a report on Wednesday, March 19th. National Bankshares cut their price target on shares of Headwater Exploration from C$9.50 to C$9.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. Finally, Raymond James upgraded shares of Headwater Exploration from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Headwater Exploration has an average rating of “Buy” and a consensus target price of C$8.69.

Insiders Place Their Bets

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

Headwater Exploration Stock Up 2.8 %

The company has a market cap of C$1.29 billion, a PE ratio of 7.00, a P/E/G ratio of 0.83 and a beta of 1.55. The stock has a 50-day moving average of C$6.23 and a 200-day moving average of C$6.60. The company has a quick ratio of 2.07, a current ratio of 1.54 and a debt-to-equity ratio of 0.12.

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.