The Globe and Mail reports in its Friday, Aug. 4, edition that Stifel analyst Cody Kwong has reiterated his "buy" recommendation for Headwater Exploration. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwong boosted his share target to $9.75 from $8.25. Analysts on average target the shares at $8.94. Mr. Kwong says in a note: "Things just got really interesting in Headwater's 2Q23 earnings print, and it had nothing to do with the inline production and cash flow numbers. Management announced that it has not only added 63 net sections of land inside the Clearwater fairway year to date, but also a further 121 net sections of lands with exploration potential in oil prone regions of Western Canada that are outside of the Clearwater play. We believe this is setting up for a very exciting end to 2023, where we forecast a step change in production in 4Q23, likely gain details as to where this new exploration acreage lies and when it will be drilled, potentially see a dividend increase, and its base production benefiting from a tightening WCS differential environment. With all these catalysts in mind, we are increasing our target."