The Globe and Mail reports in its Friday, March 22, edition that BMO Nesbitt Burns analyst Jeremy McCrea reinstated coverage on Headwater Exploration with an "outperform" rating and $9 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $8.71. Mr. McCrea says in a note: "The Clearwater formation is one of the most economic plays in Canada, and Headwater is among the select few publicly traded companies that has exposure to it. With a large land base, the company is still working through a meaningful development/waterflood program, anticipating many more years of progress ahead. With a healthy dividend yield and growing cash position, combined with emerging new exploration plays outside the Clearwater, we believe there's lots to like." The Globe reported on Feb. 16, 2021, that Mr. McCrea rated Headwater Exploration "outperform" in new coverage. It was then worth $3.40. The Globe reported on Aug. 4, 2023, that Stifel had reiterated its "buy" recommendation for Headwater. It was then worth $7.55. The Globe reported on Jan. 24, 2024, that Desjardins analyst Chris MacCulloch had reaffirmed his "buy" call for Headwater. It was then worth $6.20.