The Globe and Mail reports in its Friday, April 19, edition that National Bank analysts Dan Payne and Travis Wood see the Canadian energy sector screening well on value and enjoying multiple expansions for the first time in over a decade. The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne and Mr. Wood say in a note: "We believe companies which showcase sound capital discipline and have an asset base to support an attractive return on capital profile will experience value expansion as well. As a function of our multiple expansion thesis, compounded by a modestly improved commodity price outlook, our target prices now reflect this more constructive outlook, implying a total return of 42 per cent (on average)." Ahead of earnings season, the analysts upgraded their share target for Headwater Exploration to $10.50 from $9.50. Analysts on average target the shares at $9.04. Mr. Payne and Mr. Wood continue to rate Headwater Exploration "outperform." The Globe reported on Jan. 24 that Desjardins had kept its "buy" call for Headwater intact when it was worth $6.20. The Globe reported on April 5 that Stifel analyst Cody Kwong rated Headwater "buy." It was then worth $8.47.