Williams Companies (WMB)
Williams Companies Inc.'s (WMB - Analyst Report) 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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| Market Summary | Nov 08, 2009 04:14 am ET |

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