Correlated band theory implemented as a combination of density functional theory with exact diagonalization [DFT+U(ED)] of the Anderson impurity term with Coulomb repulsion U in the open 14-orbital 5f shell is applied to UTe2. The small gap for U =0, evidence of the half-filled j = 5 2 subshell of 5f 3 uranium, is converted for U =3 eV to a flat band semimetal with small heavy-carrier Fermi surfaces that will make properties sensitive to pressure, magnetic field, and offstoichiometry, as observed experimentally. Two means of identification from the Green's function give a mass enhancement of the order of 12 for already heavy (flat) bands, consistent with the common heavy fermion characterization of UTe2. The predicted Kondo temperature around 100 K matches the experimental values from resistivity. The electric field gradients for the two Te sites are calculated by DFT+U(ED) to differ by a factor of seven, indicating a strong site distinction, while the anisotropy factor η = 0.18 is similar for all three sites. The calculated uranium moment < M 2 > 1/2 of 3.5µB is roughly consistent with the published experimental Curie-Weiss values of 2.8µB and 3.3µB (which are field-direction dependent), and the calculated separate spin and orbital moments are remarkably similar to Hund's rule values for an f 3 ion. The U =3 eV spectral density is compared with angle-integrated and angle-resolved photoemission spectra, with agreement that there is strong 5f character at, and for several hundred meV below, the Fermi energy. Our results support the picture that the underlying ground state of UTe2 is that of a half-filled j = 5 2 subshell with two half-filled mj = ± 1 2 orbitals forming a narrow gap by hybridization, then driven to a conducting state by configuration mixing (spin-charge fluctuations). UTe2 displays similarities to UPt3 with its 5f dominated Fermi surfaces rather than a strongly localized Kondo lattice system.