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

Headwater Exploration Inc. (TSE:HWX - Get Free Report) 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.

Several other brokerages have also weighed in on HWX. National Bankshares dropped their target price on 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. Raymond James raised Headwater Exploration from a "market perform" rating to an "outperform" rating in a research report on Tuesday, January 7th. Finally, Desjardins downgraded Headwater Exploration from a "buy" rating to a "hold" rating and decreased their target price for the stock from C$8.25 to C$7.25 in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of C$8.69.

Insider Buying and Selling at Headwater Exploration

In other news, Director Phillip R. Knoll sold 5,400 shares of the stock in a transaction 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. Corporate insiders own 5.08% of the company's stock.

Headwater Exploration Stock Performance

The stock has a market cap of C$1.30 billion, a P/E ratio of 7.04, a PEG ratio of 0.83 and a beta of 1.55. The stock has a fifty day simple moving average of C$6.21 and a 200-day simple moving average of C$6.60. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.07 and a current ratio of 1.54.

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.