The Globe and Mail reports in its Friday, April 5, edition that Stifel analyst Cody Kwong hiked his Headwater Exploration share target to $10 from $8.75 with an unchanged "buy" recommendation. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $8.89. Mr. Kwong says in a note: "Headwater released an operational update following an active 1Q24 drilling campaign that does carry positive NAV and inventory implications with new areas/horizons tested in Marten Hills West, West Nipisi, Heart River, Seal and Handel. Early test rates show encouraging signs of commerciality in these new regions, which will need to be confirmed with further production history gathered in the months ahead. Headwater's base capital program did deliver as expected with 1Q24 volumes tracking consensus at 19,500 boe/d. Keeping our target multiples intact from our last update, but also honouring the recent strength in crude oil prices, we are increasing our target price." The Globe reported on Aug. 4 that Mr. Kwong had reiterated his "buy" call for Headwater. It was then worth $7.55. The Globe reported on Jan. 24 that Desjardins had kept its "buy" call for Headwater when it was worth $6.20.