Bull Of The Day: Williams Companies

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Bull Of The Day: Williams Companies

By Zacks Investment Research on February 23, 2009 | More Posts By Zacks Investment Research | Author's Website

Williams Companies Inc.’s (WMB) fourth-quarter 2008 earnings were down significantly from the year-earlier level due to sharp decline in energy commodity prices, leading to weak results for the E&P and Midstream businesses.

Management also lowered guidance and capex budget for 2009, largely in response to the commodity-price weakness. However, we reiterate our Buy rating on the company given its strong business mix, attractive growth opportunities in its low-risk E&P model, and relatively stable fee-based midstream services.

Williams also made significant additions to its reserves base while keeping costs competitive. Our 12-month target price is $20 per share.

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