I actually lost track of the number of Uberti Carbine Sights I changed over the years. I never found a consistently effective way to get that screw out. Hate to admit it, but I just gave up. If I had to fix or change that barrel band sight out, I just drilled out the screw and replaced the sight. You cannot salvage the barrel band when you drill out the screw. The threads are all on the wrong side.
If your not interested in changing out the barrel band ... I would suggest clamping the barrel in a padded vice. Put a register mark on the sight and one on the barrel with a very fine pencil. Rap the barrel band in leather, grab it with a BIG adjustable wrench and turn the band in place. Make sure you go the correct way and check your register marks.
Just as an aside, I have tried Fitted Screwdrivers, Impact tools, Heat, Impact tools with Heat, Fitted Screwdrivers with Heat, Throwing the Impact Tool across the Shop .... No Joy. Best of Luck.