Headwater Exploration downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Luke Davis downgraded Headwater Exploration (CDDRF) to Market Perform from Outperform with a price target of C$9.50, up from C$9. Energy subsectors have broadly outperformed levels implied by commodity moves, and some outperformance is justified by a better political backdrop, improved egress visibility, and M&A activity, leaving select areas still attractive, the analyst tells investors in a research note. However, Oil E&Ps have run too far relative to peers, prompting a tactical shift toward Oilfield Services, Energy Infrastructure, Gas E&P, Royalties, and Integrated/Oil Sands, the firm says.