Argus Upgrades Williams Companies (WMB) to Buy

Argus analyst Bill Selesky upgraded Williams Companies (NYSE: WMB) from Hold to Buy, PT $47.00.

The analyst comments "Raising rating to BUY. Williams reported 1Q24 adjusted net income from continuing operations of $719 million or $0.59 per diluted share, up from $684 million or $0.56 per share in the prior-year quarter. The outperformance reflected higher earnings in the Transmission & Gulf of Mexico division, which benefited from recent expansion projects, acquisitions, and stronger storage fees. Additionally, the West division (Upstream) benefited from improved commodity margins. The company reaffirmed its guidance for the full year. For 2024, Williams expects adjusted EBITDA of $6.8-$7.1 billion and capital expenditures (combined maintenance and growth capex) of $2.55-$3.05 billion (FY23 was $2.711 billion). We are raising our 2024 EPS estimate to $1.96 from $1.86 to reflect first quarter results, which beat our estimate by $0.10 per share. The current 2024 consensus is $1.83 per share."

For an analyst ratings summary and ratings history on Williams Companies click here. For more ratings news on Williams Companies click here.

Shares of Williams Companies closed at $41.81 yesterday.

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