CIBC has revised its price target for Headwater Exploration (CDDRF, Financial), reducing it from C$9 to C$8.50. The firm, however, continues to rate the shares as an Outperformer. This adjustment follows a surprising shift by OPEC+ to expedite the phaseout of voluntary production cuts, a move that has led to a significant decline in oil prices due to renewed fears over supply and demand imbalances.
In anticipation of the first quarter earnings reports for the energy sector, CIBC has consequently lowered its oil price projections. The ongoing changes in the oil market are being closely monitored as they impact the overall projections for companies like Headwater Exploration.
