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After Hours Most Active for Dec 18, 2014 : ORCL, KMI, RAD, WMB, QQQ, FB, MRK, PFE, WFM, MSFT, BRCM, EBAYat Nasdaq.com (Dec 18, 2014)
Making Money In Oil: Williams, Energy Of A Different Kind In 2015
- Growth company with high dividend.
- Drop in energy sector presents buying opportunity.
- Fundamentally, Williams is a unique energy play.
4 Key Takeaways From The Year's Biggest Acquisition In The Energy Patch
- WMB's acquisition of the remaining general-partner interest in ACMP and proposed merger of ACMP and WPZ hold several important implications for investors.
- The transaction served as a reminder that the energy bull market favors general partners, which benefit disproportionately from their associated MLPs' growth stories.
- Blue-chip MLPs will continue to rely on acquisitions to drive above-trend distribution growth.
- For much of the money flowing into the MLP space, yield compression is preferable to distribution accumulation. This momentum can reverse quickly.
- MLPs with extensive, integrated asset bases have the scale to pursue growth projects that aren't feasible for smaller operators.
Williams Companies Offers Growth, Upside, And Risk
- Williams Companies offers investors exposure to growth in midstream infrastructure demand, particularly in the Utica and Marcellus shales.
- Acquiring GIP's interest in Access Midstream Partners and merging with Williams Partners creates a more stable, diversified MLP holding and one with significant growth projects contemplated over the next decade.
- Williams Companies seems ready for a decade where distributable cash flow could grow more than 10% a year, supporting a fair value in the mid-$60s.
The Williams Companies, Berkshire Hathaway Lead 20 Best Bond Trades With Maturities Of 10 Years Or MoreDonald van Deventer • Jun. 9, 2014
- There were 25,672 bond trades in 4,362 non-call fixed-rate corporate bonds worth $8 billion on June 6.
- We rank all trades with volume of $5 million or more, and maturities of 10 years and longer by the ratio of credit spread to default probability.
- The Williams Companies and Berkshire Hathaway lead the list of 20 best value bond trades.
Goldman Sachs, The Williams Companies Lead 20 Best Value Bond Trades With Maturities Of 10 Years Or More
- On May 30 there were 28,578 bond trades in 4,710 fixed rate corporate debt issues worth $8.7 billion.
- We rank the 20 best value trades by the ratio of credit spread to default probability.
- Goldman Sachs Group and the Williams Companies lead the best value ranking.
ModernGraham Annual Valuation Of Williams Companies
Williams Companies - An Active Transactor, But A Good Value?
The Best Natural Gas Play May Be Williams Brothers
Huge Dividend Growth Plan Makes Williams Companies A Buy
Williams Companies To Super-Size Dividend Growth Rate
Why Williams Companies Is A Better Value Than WPX Energy
Williams Companies: There Are Better Pipeline Plays
Sat, Jan. 24, 8:25 AM
- In a low-yield world, the newly launched iBillionaire High Dividend Index - which tracks the trading moves of 25 investing-savvy billionaire investors such as Stanley Druckenmiller, James Dinan and Nelson Peltz - actually lives up to its name with a dividend yield of 5.34%.
- At 24%, the index has a high allocation of energy shares, including OXY, TRP, CNP, COP, BP, ATLS, CVI, WMB, APL, RIG and ARP.
- Also worth noting is that the index contains some high-yielding mortgage REITs, an area most investors hate right now but where billionaires seem to find value; examples are NRF, AGNC and CIM.
- No mutual fund or ETF tracks this index, but it offers a fishing pond of income investment ideas to research further.
- The top 20 holdings: TLM, CVC, GM, TIME, AEE, D, STAY, KMI, TROX, EXC, STNG, PPL, IRM, PFE, KKR, KAR, F, MIC, LO, ABBV.
Thu, Jan. 15, 3:39 PM
- Eagle Ford pipeline operator EFS Midstream, owned by Pioneer Natural Resources (PXD +0.1%) and Reliance Industries, has attracted bids from Enterprise Products Partners (EPD +1.4%), Energy Transfer Equity (ETE -1.2%) and Williams Cos. (WMB +0.4%), Bloomberg reports.
- EFS has 460 miles of pipelines and 10 gathering plants, and is forecast to generate more than $100M in cash flow this year; the unit would be expected to sell for more than $3B, according to the report.
Thu, Jan. 8, 2:56 PM
- Williams Cos. (WMB +1.1%) is upgraded to Sector Outperform from Sector Perform at Howard Weil, which also raised its price target by $13 to $68, as it feels the stock has been unfairly punished in its ~8.5% drop YTD.
- The firm says WMB's yield is well above the peer group and its business is less exposed to the decline in commodity prices than the stock's performance would indicate; it echoes the same comments about Calumet Specialty Products (CLMT +1.5%) but maintains its Outperform rating.
Wed, Jan. 7, 7:35 PM
- Energy bonds have become one of the riskiest sectors in the bond market, as the cost of buying five-year credit default swaps protecting $10M of bonds has jumped from $139K/year last June to $377K today for companies in the S&P/ISDA CDS U.S. Energy Select 10 Index.
- The index consists of 10 large major energy companies: APC, APA, CHK, COP, DVN, OTCQB:FSTO, HAL, BTU, VLO and WMB.
- Even though most of the companies boast investment-grade ratings, it now costs more to insure bonds in that index against default than it costs to insure bonds of an average junk-rated company, according to S&P.
Dec. 8, 2014, 11:58 AM
- Falling oil prices have damaged energy stock prices, but Credit Suisse still recommends four energy MLPs it believes are in far better shape to survive the downturn than E&P companies.
- Among the four favorites is Energy Transfer Equity (ETE -4.9%), which recently saw a director step up and purchase a combined ~1.18M shares at $49.01-$53.55.
- The firm also likes Kinder Morgan (KMI -2.2%), Plains GP Holdings (PAGP -6.2%) and Williams Cos. (WMB -4.8%)
Dec. 8, 2014, 10:55 AM
- Williams Partners (WPZ, WMB), the developer of the $750M Constitution natural gas pipeline from Pennsylvania into New York, reportedly has threatened to seize land from reluctant landowners through eminent domain.
- A letter sent from a law firm tells landowners who have refused to sell rights of way for the 124-mile pipeline that they have until Wednesday to accept offered prices, then the developer will take them to court to force such sales for possibly less money.
- Project opponents of the project have filed a complaint against the letters with the New York State AG.
- The project was approved last week by federal regulators and could be operational by next winter if it obtains remaining regulatory approvals from various state and federal agencies in a timely fashion.
Dec. 3, 2014, 10:29 AM
- The FERC grants conditional approval for construction of the planned 124-mile Constitution Pipeline that would link the Marcellus Shale region of Pennsylvania to natural gas markets in the northeastern U.S.
- The project is a venture between Williams Partners (WPZ, WMB), Cabot Oil & Gas (NYSE:COG), Piedmont Natural Gas (NYSE:PNY) and WGL Holdings (NYSE:WGL).
- The partners say construction could begin in Q1 2015 to help meet demand in New York and New England by the winter of 2015-16, assuming the pipeline receives other needed approvals in a timely manner.
- WPZ also has several other pipeline projects in the works that would expand and reroute gas shipments to increase its ability to move Pennsylvania gas on its Transco network, which runs from Texas to New York.
Dec. 2, 2014, 6:50 PM
- Williams Partners (WPZ, WMB) says its rebuilt, expanded plant in Geismar, La., is in the final stages of commissioning and will begin ethylene production for sale this month.
- The Geismar plant has upped its capacity to 1.95B lbs/year of ethylene, with WPZ's share at ~1.7B lbs. annually, and 114M lbs/year of propylene.
- WPZ opted to expand the facility as well as rebuilt portions after a June 2013 explosion which killed two workers.
Dec. 2, 2014, 2:48 PM
- Energy stocks (XLE +1.4%) are posting the day's largest gains among S&P sectors, rebounding from recent losses even as Nymex crude oil fell another $2.05 to $66.97/bbl.
- Refiners Marathon Petroleum (MPC +4%) and Valero (VLO +4.1%) and pipeline operator Williams Cos. (WMB +1.5%) are among the top gainers, while losers include most oil services companies such as Halliburton (HAL -2.2%) and rig operator Transocean (RIG -3.7%).
- Anadarko Petroleum (APC +1.6%), Cimarex Energy (XEC +1%), Devon Energy (DVN +0.7%), EOG Resources (EOG +3.8%) and Marathon Oil (MRO +3.5%) were selected top “safe haven” picks for analysts at Tudor Pickering Holt, which said they are “liquid names with high-quality assets and healthy balance sheets."
Nov. 28, 2014, 7:25 AM
- OPEC yesterday decided to hold production numbers despite the bear market in oil. WTI crude is down about $5 per barrel to $69.
- A premarket look at the top 10 holdings of the XLE: Exxon Mobil (NYSE:XOM) -4.1%, Chevron (NYSE:CVX) -4.1%, Schlumberger (NYSE:SLB) -4.6%, ConocoPhillips (NYSE:COP) -4.4%, EOG Resources (NYSE:EOG) -4.3%, Pioneer Natural Resources (NYSE:PXD) -4.8%, Occidental Petroleum (NYSE:OXY) -4.3%, Haliburton (NYSE:HAL) -4.7%, Anadarko Petroleum (NYSE:APC) -5%, Williams Companies (NYSE:WMB) -1.6%.
- ETFs: ERX, VDE, OIH, XOP, ERY, FCG, DIG, PBW, GASL, DUG, IYE, XES, IEO, QCLN, IEZ, PXE, PXI, FENY, PXJ, PSCE, RYE, PUW, FXN, DDG, HECO
Nov. 25, 2014, 2:46 PM
- "Not surprisingly, billionaires reduced their energy allocations (NYSEARCA:XLE) during Q3," says Direxion, unveiling the quarterly rebalance for the iBillionaire Index (which serves as the benchmark for the IBLN ETF). Attention was instead shifted to healthcare (NYSEARCA:XLV) and materials (NYSEARCA:XLB), with companies like Humana (NYSE:HUM) and Monsanto (NYSE:MON).
- Also added to the index: TMO, GM, FB, CBS, GOOG, MAS, APD, DAL, NOV, WHR, THC, ABBV.
- Dropped from the index: AIG, MCK, CTSH, MSI, RIG, CI, APC, GPS, MSFT, CMCSA, NFLX, MHFI, WMB, ICE.
- Outlying sectors: Consumer Discretionary (NYSEARCA:XLY) makes up 23.33% of the iBillionaire Index vs. 11.68% for the S&P 500, and Industrials (NYSEARCA:XLI) and financials (NYSEARCA:XLF) make up just 6.67% each of the index vs. 10.44 and 16.30 of the S&P 500, respectively. Consumer Staples (NYSEARCA:XLP) have zero representation in the index vs. 9.7% in the S&P 500.
- Previously: Direxion launched an ETF with iBillionaire today
Oct. 29, 2014, 6:49 PM
- Williams Cos. (NYSE:WMB) reported soaring Q3 earnings, but the result was attributed mostly to a gain related to its interest in Access Midstream Partners (NYSE:ACMP), which recently agreed to merge with affiliate Williams Partners (NYSE:WPZ); adjusted for the gain, EPS from continuing operations fell to $0.15 from $0.19.
- In addition to its Q3 dividend increase, WMB also affirms dividend growth guidance of ~15% annually -- through 2017 with planned dividends of ~$1.96 in 2014, $2.46 in 2015, $2.82 in 2016, $3.25 in 2017.
- WPZ says its Q3 earnings fell 24% amid weaker natural gas liquids margins and higher maintenance costs; CEO Alan Armstrong says the results were as expected and mostly the result of the outage at its Geismar olefins plant.
- Earlier today, WPZ said it expects its expanded Geismar plant will begin manufacturing ethylene for sale next month.
Oct. 29, 2014, 4:59 PM
Oct. 29, 2014, 3:57 PM
- Williams Partners (WPZ +1.6%) says it plans to resume ethylene production as soon as next month at its rebuilt and expanded Geismar, La., olefins plant following a series of delays after a 2013 explosion at the site.
- WPZ says all major construction related to Geismar’s rebuild, expansion and safety-related upgrades has been completed, and the plant is scheduled to begin manufacturing ethylene for sale in November.
- The 600M lb./year expansion project will bring Geismar’s ethylene production capacity to 1.95B lbs./year from 1.35B lbs/year, with WPZ's share of the total capacity amounting to ~1.7B.
- WMB +3.1%.
Oct. 27, 2014, 5:40 AM
- Williams Cos. (NYSE:WMB) has sweetened the terms of an agreement to combine two MLPs controls, Williams Partners (NYSE:WPZ) and Access Midstream Partners (NYSE:ACMP), in a move that will create a pipeline operator with a combined enterprise value of $50B.
- Investors who own WPZ units will receive ~0.87 of a unit of ACMP for each WPZ unit they own, up from the initial offer of 0.85; prior to the tie-up, existing ACMP holders will receive more units of the partnership.
- Williams expects the merger to be completed early next year, with the new entity set to distribute $3.65/unit in 2015.
- "This is another big step toward our goal of becoming the leading natural-gas infrastructure provider in North America," Williams CEO Alan Armstrong says. (PR)
Oct. 20, 2014, 7:39 AM
- Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
- TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
- To help pay for the deal, plans a public offering of 19.35M common units.
- QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.
- Williams Cos. (NYSE:WMB) and Questar (NYSE:STR) reportedly had submitted bids for the assets.
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