The orthorhombic uranium dichalcogenide UTe$_2$ displays superconductivity below 1.7 K, with the anomalous feature of retaining 50$%$ of normal state (ungapped) carriers, according to heat capacity data from two groups. Incoherent transport that crosses over from above 50 K toward a low temperature, Kondo lattice Fermi liquid regime indicates strong magnetic fluctuations and the need to include correlation effects in theoretical modeling. We report density functional theory plus Hubbard U (DFT+U) results for UTe$_2$ to provide a platform for modeling its unusual behavior, focusing on ferromagnetic (FM, time reversal breaking) long range correlations along the ${hat a}$ axis as established by magnetization measurements and confirmed by our calculations. States near the Fermi level are dominated by the $j=frac{5}{2}$ configuration, with the $j_z=pmfrac{1}{2}$ sectors being effectively degenerate and half-filled. Unlike the small-gap insulating nonmagnetic electronic spectrum, the FM Fermi surfaces are large (strongly metallic) and display low dimensional features, reminiscent of the FM superconductor UGe$_2$.
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