CDDRF
Headwater Exploration Inc.
OTC Markets OTCPKUSDEQUITY
Energy
DELAYED
Buy
+30/100
Last price
9.63
■ 0.00 (0.00%)
MARKET · —
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Open
—
Prev close
9.63
Day high
9.63
Day low
9.57
Volume
200
Market cap
$2.29B
P/E (TTM)
17.20
52W range
4.84 – 10.58
Trailing performance
Returnvs SPY
1W
+3.44%
+1.5%
1M
-6.14%
-7.3%
3M
+11.85%
+7.3%
6M
+5.02%
-13.2%
YTD
+40.17%
+25.9%
1Y
+77.35%
+60.9%
3Y
+81.02%
-1.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CDDRF open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
10.95M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| May 14, 26 | Nielsen (Karen A.) Director of Issuer |
BUY | 6.00K | $56.42K | Direct |
| May 14, 26 | Nielsen (Karen A.) Director of Issuer |
BUY | 2.00K | $18.81K | Indirect |
| May 5, 26 | Olson (Kevin) Director of Issuer |
SELL | 100.00K | $978.00K | Direct |
| Mar 23, 26 | Pearce (David Lawrence) Director of Issuer |
SELL | 50.00K | $454.45K | Indirect |
| Mar 9, 26 | Pearce (David Lawrence) Director of Issuer |
SELL | 56.96K | $506.85K | Indirect |
| Jan 28, 26 | Olson (Kevin) Director of Issuer |
SELL | 100.00K | $830.20K | Direct |
| Jan 27, 26 | Christman (Bradley) Senior Officer of Issuer |
SELL | 50.00K | $407.20K | Direct |
| Jan 27, 26 | Danku (Terry Ryan) Senior Officer of Issuer |
SELL | 100.59K | $816.48K | Direct |
| Jan 27, 26 | Horvath (Alexandra) Senior Officer of Issuer |
SELL | 77.50K | $631.55K | Direct |
| Jan 27, 26 | Rideout (Scott Earl) Senior Officer of Issuer |
SELL | 50.00K | $415.15K | Indirect |
| Jan 23, 26 | Pearce (David Lawrence) Director of Issuer |
SELL | 150.00K | $1.18M | Indirect |
| Jan 19, 26 | Christman (Bradley) Senior Officer of Issuer |
SELL | 150.00K | $1.14M | Direct |
| Jan 19, 26 | Olson (Kevin) Director of Issuer |
SELL | 150.00K | $1.14M | Direct |
| Jan 15, 26 | Magee (Jeffrey) Senior Officer of Issuer |
BUY | 56 | $401 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
Christman (Bradley) |
Senior Officer of Issuer | 805.40K | Acquisition or disposition in the public market |
Danku (Terry Ryan) |
Senior Officer of Issuer | 1.35M | Acquisition or disposition in the public market |
Horvath (Alexandra) |
Senior Officer of Issuer | 865.29K | Acquisition or disposition in the public market |
Larke (Stephen Phillip) |
Director of Issuer | 695.17K | Acquisition or disposition in the public market |
Little (Georgia) |
Senior Officer of Issuer | 120.56K | Acquisition or disposition under a purchase/ownership plan |
Magee (Jeffrey) |
Senior Officer of Issuer | 47.71K | Acquisition or disposition in the public market |
Olson (Kevin) |
Director of Issuer | 2.82M | Acquisition or disposition in the public market |
Pearce (David Lawrence) |
Director of Issuer | — | Acquisition or disposition in the public market |
Rideout (Scott Earl) |
Senior Officer of Issuer | — | Acquisition or disposition in the public market |
Roszell (Neil Jack) |
Director of Issuer | 707.75K | Acquisition or disposition under a purchase/ownership plan |
Fundamentals
Market cap$2.29B
Enterprise value$2.20B
Revenue (TTM)$592.00M
Gross profit$446.40M
EBITDA$363.84M
Net income$186.16M
EPS (TTM)$0.56
Free cash flow$65.12M
Total cash$87.66M
Total debt$1.78M
Book value / share$2.41
Shares outstanding237.76M
Float222.98M
Short % of float—
Dividend yield3.49%
Beta (5Y)1.16
Valuation & profitability ratios
Trailing P/E17.20
Forward P/E—
PEG ratio—
Price / sales—
Price / book4.00
EV / revenue3.72
EV / EBITDA6.06
Gross margin75.40%
Operating margin58.90%
Profit margin31.45%
Return on equity24.03%
Return on assets14.62%
Debt / equity0.22
Current ratio1.07
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $618.28M | $619.80M | $511.23M | $458.38M | -0.2% |
| Operating revenue | $618.28M | $619.80M | $511.23M | $458.38M | -0.2% |
| Cost of revenue | $292.37M | $287.74M | $253.11M | $192.38M | +1.6% |
| Gross profit | $325.91M | $332.06M | $258.12M | $266.00M | -1.9% |
| Selling, general & admin | $38.41M | $23.00M | $14.91M | $10.56M | +67.0% |
| Total operating expense | $119.21M | $92.50M | $78.52M | $58.96M | +28.9% |
| Operating income | $206.70M | $239.56M | $179.60M | $207.04M | -13.7% |
| Net interest income | $2.51M | $4.71M | $4.80M | $2.96M | -46.7% |
| Pre-tax income | $202.03M | $245.49M | $202.97M | $211.68M | -17.7% |
| Tax provision | $48.82M | $57.46M | $46.90M | $49.57M | -15.0% |
| Net income | $153.21M | $188.03M | $156.07M | $162.11M | -18.5% |
| Net income to common | $153.21M | $188.03M | $156.07M | $162.11M | -18.5% |
| Basic EPS | 0.64 | 0.80 | 0.66 | 0.71 | -20.0% |
| Diluted EPS | 0.64 | 0.80 | 0.66 | 0.70 | -20.0% |
| EBIT | $203.11M | $246.48M | $204.70M | $212.56M | -17.6% |
| EBITDA | $330.14M | $371.36M | $324.89M | $291.97M | -11.1% |
| Basic shares | 237.88M | 236.39M | 235.58M | 227.30M | +0.6% |
| Diluted shares | 239.88M | 236.45M | 237.71M | 230.75M | +1.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $99.66M | $142.69M | $146.05M | $175.45M | -30.2% |
| Cash & short-term investments | $99.66M | $142.69M | $146.05M | $175.45M | -30.2% |
| Accounts receivable | $53.00M | $58.62M | $46.74M | $43.14M | -9.6% |
| Inventory | $1.08M | $1.19M | $788.00K | $1.24M | -9.6% |
| Total current assets | $158.04M | $207.65M | $200.92M | $221.59M | -23.9% |
| Property, plant & equipment | $834.87M | $742.11M | $634.30M | $510.91M | +12.5% |
| Total assets | $995.17M | $952.64M | $836.34M | $734.74M | +4.5% |
| Total current liabilities | $128.09M | $128.91M | $122.31M | $112.16M | -0.6% |
| Total debt | $2.28M | $2.72M | $842.00K | $861.00K | -16.0% |
| Total liabilities | $247.01M | $253.18M | $225.84M | $191.41M | -2.4% |
| Retained earnings | $249.99M | $201.51M | $108.52M | $46.86M | +24.1% |
| Shareholder equity | $748.15M | $699.46M | $610.50M | $543.34M | +7.0% |
| Working capital | $29.95M | $78.73M | $78.61M | $109.43M | -62.0% |
| Net tangible assets | $748.15M | $699.46M | $610.50M | $543.34M | +7.0% |
| Shares issued | 237.76M | 237.76M | 236.58M | 233.92M | +0.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | $153.21M | $188.03M | $156.07M | $162.11M | — | -18.5% |
| Depreciation & amortisation | — | — | — | — | $44.39M | — |
| Stock-based compensation | $26.01M | $12.00M | $5.24M | $4.08M | — | +116.7% |
| Change in working capital | -$13.21M | -$12.10M | $7.05M | -$10.20M | — | -9.2% |
| Operating cash flow | $297.14M | $316.74M | $303.32M | $283.93M | — | -6.2% |
| Capital expenditure | -$228.29M | -$222.87M | -$240.07M | -$248.92M | — | -2.4% |
| Investing cash flow | -$227.88M | -$226.85M | -$243.71M | -$232.06M | — | -0.5% |
| Share buybacks | -$7.65M | $0 | — | — | — | — |
| Dividends paid | -$102.35M | -$94.92M | -$94.16M | $0 | — | -7.8% |
| Financing cash flow | -$112.29M | -$93.24M | -$89.00M | $8.88M | — | -20.4% |
| Free cash flow | $68.85M | $93.87M | $63.25M | $35.00M | — | -26.7% |
| End cash position | $99.66M | $142.69M | $146.05M | $175.45M | — | -30.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $237.93M | $176.72M | $151.08M | $144.94M | $170.16M | +34.6% |
| Operating revenue | $237.93M | $176.72M | $151.08M | $144.94M | $170.16M | +34.6% |
| Cost of revenue | $97.76M | $73.44M | $68.33M | $73.47M | $76.89M | +33.1% |
| Gross profit | $140.17M | $103.28M | $82.75M | $71.47M | $93.27M | +35.7% |
| Selling, general & admin | $5.31M | $20.20M | $16.52M | $5.99M | $5.21M | -73.7% |
| Total operating expense | $31.32M | $39.82M | $43.37M | $23.93M | $23.31M | -21.3% |
| Operating income | $108.85M | $63.47M | $39.38M | $47.55M | $69.96M | +71.5% |
| Net interest income | $233.00K | $330.00K | $406.00K | $648.00K | $877.00K | -29.4% |
| Pre-tax income | $111.22M | $46.36M | $38.21M | $49.56M | $65.18M | +139.9% |
| Tax provision | $25.81M | $10.79M | $8.89M | $11.54M | $15.18M | +139.1% |
| Net income | $85.42M | $35.57M | $29.31M | $38.02M | $50.00M | +140.2% |
| Net income to common | $85.42M | $35.57M | $29.31M | $38.02M | $50.00M | +140.2% |
| Basic EPS | 0.36 | 0.15 | — | 0.16 | 0.21 | +140.0% |
| Diluted EPS | 0.36 | 0.15 | — | 0.16 | 0.21 | +140.0% |
| EBIT | $111.48M | $46.62M | $38.47M | $49.84M | $65.46M | +139.1% |
| EBITDA | $141.20M | $75.57M | $67.91M | $82.47M | $97.97M | +86.9% |
| Basic shares | 237.76M | 237.76M | — | 237.76M | 237.77M | 0.0% |
| Diluted shares | 240.05M | 239.37M | — | 239.47M | 237.81M | +0.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $87.66M | $63.06M | $99.66M | $125.40M | $125.55M | +39.0% |
| Cash & short-term investments | $87.66M | $63.06M | $99.66M | $125.40M | $125.55M | +39.0% |
| Accounts receivable | $66.53M | $79.18M | $53.00M | $52.41M | $58.57M | -16.0% |
| Inventory | $1.08M | $1.38M | $1.08M | $1.14M | $1.14M | -21.5% |
| Total current assets | $162.68M | $148.86M | $158.04M | $185.47M | $187.48M | +9.3% |
| Property, plant & equipment | $933.17M | $878.84M | $834.87M | $794.75M | $777.30M | +6.2% |
| Total assets | $1.10B | — | — | — | — | — |
| Total current liabilities | $152.48M | $151.89M | $128.09M | $120.64M | $115.38M | +0.4% |
| Total debt | $1.78M | $2.05M | $2.28M | $2.42M | $2.57M | -13.4% |
| Total liabilities | $283.21M | $272.16M | $247.01M | $247.67M | $244.03M | +4.1% |
| Retained earnings | $316.28M | $259.40M | $249.99M | $237.22M | $225.35M | +21.9% |
| Shareholder equity | $814.45M | $757.57M | $748.15M | $735.05M | $723.43M | +7.5% |
| Working capital | $10.20M | -$3.03M | $29.95M | $64.84M | $72.11M | +436.8% |
| Net tangible assets | $814.45M | $757.57M | $748.15M | $735.05M | $723.43M | +7.5% |
| Shares issued | 237.76M | 237.76M | 237.76M | 237.76M | 237.77M | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $85.42M | $35.57M | $29.31M | $38.02M | $50.00M | +140.2% |
| Stock-based compensation | $1.93M | $17.02M | $13.02M | $3.09M | $2.36M | -88.7% |
| Change in working capital | $13.33M | -$53.68M | -$7.38M | -$4.12M | -$6.89M | +124.8% |
| Operating cash flow | $134.57M | $40.07M | $72.67M | $68.67M | $69.94M | +235.8% |
| Capital expenditure | -$81.55M | -$66.74M | -$46.07M | -$50.70M | -$62.85M | -22.2% |
| Investing cash flow | -$78.78M | -$50.23M | -$61.12M | -$40.78M | -$63.10M | -56.8% |
| Share buybacks | $0 | — | -$7.38M | -$270.00K | — | — |
| Dividends paid | -$26.15M | -$26.15M | -$26.26M | -$26.16M | -$23.78M | 0.0% |
| Financing cash flow | -$31.18M | -$26.44M | -$33.89M | -$28.04M | -$23.98M | -17.9% |
| Free cash flow | $53.01M | -$26.67M | $26.60M | $17.97M | $7.09M | +298.8% |
| End cash position | $87.66M | $63.06M | $99.66M | $125.40M | $125.55M | +39.0% |
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $0 | — |
| Next quarter | — | — | $0 | — |
| Current year | — | — | $0 | — |
| Next year | — | — | $0 | — |
Analyst targets & ownership
Mean target—
High target—
Low target—
Implied upside—
Analyst count—
ConsensusNONE
Strong buy / Buy— / —
Hold—
Sell / Strong sell— / —
Held by insiders4.61%
Held by institutions42.98%
Institutions holding99
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
9.50
+1.37% from price
SMA 20
9.69
-0.58% from price
SMA 50
9.78
-1.54% from price
SMA 100
9.41
+2.38% from price
SMA 200
8.96
+7.53% from price
EMA 12
9.59
+0.39% from price
EMA 26
9.70
-0.68% from price
EMA 50
9.66
-0.35% from price
RSI (14)
47.9
Neutral
MACD (12,26,9)
-0.10
Hist -0.01
ATR (14)
0.19
1.93% of price
Realised vol 30D
29.3%
Annualised
Bollinger upper
10.22
20, 2σ
Bollinger lower
9.15
20, 2σ
50 / 200 cross
Golden
9.78 vs 8.96
Trend bias
Above 200
+7.53%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.22
Less volatile than market
Correlation to SPY
-0.08
Largely independent
Realised vol 30D
29.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-18.5%
Peak to trough
Max drawdown 5Y
-45.7%
Peak to trough
ATR 14
0.19
1.93% of price
Beta (reported)
1.16
5Y monthly, from filing
Dividends & splits
Forward rate$0.34 / yr
Forward yield3.49%
5-year avg yield—
Payout ratio57.69%
Ex-dividend dateSep 30, 2026
Next pay dateOct 15, 2026
Last split—
Split date—
Headlines
Headwater Exploration (TSX:HWX) Agrees To Tamarack Deal, Is The Stock Still A Bargain?
Simply Wall St. · 23d ago
At $100 Oil, the Deal Flow Moved to Pipelines and Producing Wells
CNW Group · 27d ago
The Week in Canadian Press Releases: 10 Stories You Need to See
CNW Group · 27d ago
Tamarack Valley Energy Price Target Raised to CA$17.25 at CIBC
MT Newswires · 28d ago
Canada’s Tamarack Valley and Headwater to merge in C$10 billion deal
Investing.com · 29d ago
Tamarack Valley, Headwater Exploration agree $7.2bn all-stock merger
Offshore Technology · 29d ago
Tamarack Valley Energy to Acquire Headwater Exploration in a CA$10 Billion All-Stock Merger
MT Newswires · 30d ago
Tamarack Valley to Merge With Headwater Exploration in Over $7.24 Billion Deal
The Wall Street Journal · 30d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.