The Globe and Mail reports in its Wednesday, Jan. 24, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Headwater Exploration. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch gave his share target a $1.25 trim to $8.75. Analysts on average target the shares at $9.18. Mr. MacCulloch says in a note: "We highlight Headwater Exploration as our top pick in the small-cap oil space given our constructive outlook for WCS prices and the company's ability to add short-cycle barrels, which we expect to be augmented by its new Clearwater lookalike plays -- we expect further details in the not-too-distant future. We also note that Headwater Exploration retains considerable financial dry powder to add scale through M&A given its pristine balance sheet and more than $100-million of cash." The Globe reported on Feb. 3, 2022, and Sept. 19, 2023, that Mr. MacCulloch rated Headwater Exploration "buy." The shares could then be had for $7.18 and $7.28. The Globe reported on Aug. 4, 2023, that Stifel analyst Cody Kwong had reiterated his "buy" recommendation for Headwater Exploration. The shares could then be had for $7.55.