The U.S. Third Circuit Court of Appeals reversed a key New Jersey water permit for U.S. energy company Williams Cos' (WMB.N) long-delayed Northeast Supply Enhancement (NESE) natural gas pipeline project in Pennsylvania, New Jersey and New York.
The court said in a ruling on Tuesday that it granted petitions by environmental groups, vacated the Water Quality Certification and remanded the case to the New Jersey Department of Environmental Protection (NJDEP).
A coalition of environmental groups filed a lawsuit last November against the NJDEP for unjustifiably approving the certification for NESE, after first rejecting the project in 2019 for failure to demonstrate compliance with state water quality standards.
“When the water quality certificate was denied in 2019, that should have been the end of it," said Charlie Kratovil, Central Jersey Organizer at Food & Water Watch, one of the environmental groups opposing the project.
Officials at Williams were not immediately available for comment.
NESE is a roughly $1 billion project under construction by Williams' Transcontinental Gas Pipe Line Co (Transco) unit that would expand the existing Transco gas pipe. NESE includes the construction of an offshore pipe in the Raritan Bay between New Jersey and New York.
The environmental groups contended that the underwater segment would require dredging the bay floor, stirring up sediment containing toxic contaminants like mercury and PCBs (Polychlorinated biphenyls), which could pose risks to human health and marine habitats.
Williams officially broke ground on NESE in Brooklyn, New York, in April 2026.
In addition to NESE, Williams is also developing another long-delayed gas pipe in the region, Constitution Pipeline from Pennsylvania to New York.
Both projects were controversial in part because they were previously rejected by state environmental regulators and canceled by Williams in past years before U.S. President Donald Trump sought their revival after returning to office in 2025.
Williams canceled Constitution in 2020 and NESE in 2024 after years of fighting for permits, especially water permits, from state regulators in New York and New Jersey.
In May 2025, the Trump administration used New York's reconsideration of Williams' proposed gas pipes in the state as part of a deal with New York Governor Kathy Hochul to lift a federal ban on construction of Norwegian energy firm Equinor's (EQNR.OL) Empire Wind offshore wind farm off New York.
Hochul did not agree to approve either pipe project but said the state would work with the U.S. administration and private entities on projects that meet the legal requirements under New York law.
Williams said on its website that it targeted completion of NESE in the fourth quarter of 2027 and Constitution in the fourth quarter of 2028.
NESE is designed to move around 0.4 billion cubic feet per day (bcfd) of gas from Pennsylvania, across New Jersey and into New York.
Constitution, which is not under construction, is designed to move around 0.65 bcfd of gas from Pennsylvania to New York.
One billion cubic feet of gas is enough to supply around five million U.S. homes for a day.
Occidental Petroleum (OXY +1.02%), the oil and gas giant more commonly known as Oxy, has been a major beneficiary of soaring oil prices this year. Oxy generates most of its revenue from its upstream exploration, drilling, and extraction business. When oil prices rise, Oxy and other upstream companies can grow their revenues much faster than their operating expenses.
To support its current capex and dividends, Oxy only needs WTI crude oil -- currently at $93 per barrel -- to remain above its $40-per-barrel breakeven price. Its free cash flow (FCF) also increases significantly as long as WTI stays above $60 per barrel. That's why Oxy's stock has rallied nearly 50% this year and beaten the S&P 500's (^GSPC -0.58%) 12% gain.
Image source: Getty Images.
Oxy might still seem like an attractive investment as the Iran war drags on and oil prices remain high. But as September (historically the worst month for stocks) starts, I'd rather own a steady midstream pipeline stock as my main energy play instead of Oxy's oil-driven shares. That stock is The Williams Companies (WMB +2.27%), which accounts for about 3.2% of my portfolio.
Why are midstream companies more reliable than upstream ones? Midstream companies build pipelines that transport crude oil, natural gas, and other resources. They charge upstream and downstream companies tolls to use that infrastructure. They're well-insulated from volatile commodity prices, since they only need the oil and gas to keep flowing through their pipelines to generate stable profits and cash flows.
Midstream companies still benefit from rising oil and gas prices, which drive higher volumes through their pipelines. But they struggle less than upstream companies when those prices decline, and they usually return most of their cash to their investors through dividends. That makes midstream stocks a great choice for conservative income investors.
Why is Williams superior to other midstream companies? Many midstream companies are structured as master limited partnerships (MLPs), which blend a return of capital with their distributions to pay more tax-efficient yields. However, investors who hold shares in MLPs must file separate K-1 forms with their taxes every year. Williams operates as a conventional C corporation, so its dividends are reported on the standard 1099-DIV form.
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Williams pays a forward dividend yield of 2.8%, which is higher than Oxy's 1.9% but significantly lower than the yields of many other midstream companies. However, Williams is also growing faster than many of its industry peers because it's more exposed to the cloud and AI markets.
Unlike many other midstream companies, which deliver a mix of crude oil, natural gas, and other resources, Williams primarily delivers natural gas. It transports approximately 30% of the country's natural gas through its Transco pipelines between Texas and the Eastern Seaboard. That natural gas "superhighway" powers nearly half of our domestic data centers.
It's also building "behind-the-meter" (BTM) systems at data centers to provide hyperscalers with a steady supply of natural gas that bypasses utility company bottlenecks. Setting up a grid-based natural gas connection can take four to seven years, while Williams can deploy a BTM system in just 18 to 24 months. Those advantages make Williams more of an AI infrastructure play than many other midstream companies.
Why is Williams a safe stock to buy in September? September is typically a bad month for stocks because institutional investors rebalance their portfolios by pruning their winners and losers. That selling pressure can drive retail investors toward more conservative investments like Williams.
Williams' stock has already risen 25% year to date, but it still trades at less than 13 times next year's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Analysts expect its adjusted EBITDA to grow at a 7% CAGR from 2025 to 2028.
Its available funds from operations (AFFO) rose 17% year over year to $3.2 billion in the first half of 2026, easily covering its dividends with a 2.5x ratio. Therefore, it still has plenty of room to increase its dividend, which it has already raised annually for the past nine consecutive years. So if you want a cheap stock with a decent dividend, plenty of exposure to the AI boom, and can resist a downturn in oil prices, Williams checks all the right boxes.
Williams (NYSE: WMB) announced today that it has priced a public offering of $500 million of its 5.000% Senior Notes due 2029 at a price of 99.931 percent of par, $1.0 billion of its 5.600% Senior Notes due 2033 at a price of 99.999 percent of par, $750 million of its 5.800% Senior Notes due 2036 at a price of 99.819 percent of par, and $500 million of its 6.400% Senior Notes due 2056 at a price of 99.800 percent of par. The expected settlement date for the offering is September 10, 2026, subject to the satisfaction of customary closing conditions.
Williams intends to use the net proceeds of the offering to repay its outstanding commercial paper and for other general corporate purposes, including funding capital expenditures.
Citigroup Global Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering.
This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
An automatic shelf registration statement relating to the notes was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. Before you invest, you should read the prospectus in the registration statement and other documents Williams has filed with the SEC for more complete information about Williams and the offering. A copy of the prospectus supplement and prospectus relating to the offering may be obtained on the SEC website at www.sec.gov or from any of the underwriters by contacting:
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: 1-800 831-9146
E-mail: [email protected]
c/o Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
Attn: Debt Capital Markets
Telephone: 1-866-271-7403
c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
Attn: Investment Banking Division
Telephone: 1-866-718-1649
SMBC Nikko Securities America, Inc.
277 Park Avenue, 5th Floor
New York, New York 10172
Attention: Debt Capital Markets
Email: [email protected]
About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260908682835/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
When many investors think of energy dividend stocks, they tend to focus on integrated energy giants like Chevron (CVX -1.29%) and ExxonMobil (XOM -1.69%). But if we dig a bit deeper, we'll find plenty of other stocks that either have higher yields or more stable business models.
Today, we'll take a closer look at two of those oft-overlooked stocks: Kimbell Royalty Partners (KRP -0.27%) and The Williams Companies (WMB +0.14%). Kimbell represents a low-risk, high-yield play on rising oil and gas prices, while Williams offers investors a unique way to capitalize on the AI boom while generating steady income.
Image source: Getty Images.
Kimbell Royalty Partners Kimbell Royalty Partners isn't a traditional energy company. Instead of drilling for oil and gas, it owns the mineral rights to roughly 17 million gross acres across all major U.S. onshore basins.
Whenever an upstream company drills a well on its land, Kimbell receives a fixed percentage (usually between 12.5% to 25%) of the gross revenue generated from every barrel of oil or thousand cubic feet of natural gas produced. Therefore, Kimbell doesn't need to spend a single dollar on capex for oil rig leases, drilling equipment, labor, and well maintenance -- but it generates a steady stream of cash as long as upstream companies keep drilling on its land.
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Kimbell is still exposed to fluctuating oil and gas prices, but it's shielded against rising drilling costs, labor shortages, and supply chain inflation. It usually pays out 75% of its cash available for distribution (CAD) as dividends and uses the remaining 25% to service its debt.
In its latest quarter, its CAD rose 27% year over year to $60 million, and its cash distribution increased 15% sequentially to $0.47 per common unit. That equals an annualized yield of 13%, which could rise further over the next few quarters if oil prices remain elevated.
From 2025 to 2028, analysts expect Kimbell's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at a 5% CAGR. With an enterprise value of $2 billion, it trades at less than six times next year's adjusted EBITDA. Kimbell isn't an exciting stock, but it's a reliable dividend stock that can easily support its massive yield.
The Williams Companies Williams owns more than 33,000 miles of pipeline across the United States. As a midstream company, Williams is well-insulated from fluctuating oil and gas prices because it only charges upstream and downstream companies "tolls" to pump resources through its pipes.
Unlike many other midstream companies, which transport a mix of crude oil, natural gas, and other resources, Williams mainly delivers natural gas. It already transports roughly 30% of the country's natural gas, which powers nearly half of our domestic data centers, through its Transco pipelines between Texas and the Eastern Seaboard.
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Williams is also building "behind the meter" (BTM) sites at data centers to provide hyperscalers with a steady supply of natural gas that bypasses the bottlenecks at utility companies. Those strategies make Williams more of an AI infrastructure play than many of its industry peers.
Williams pays a forward yield of 2.8%. Its available funds from operations (AFFO) rose 17% year over year to $3.2 billion in the first half of 2026, which was 2.5x higher than its dividend payments. Therefore, it has plenty of room to raise its payout to attract more income investors.
From 2025 to 2028, analysts expect Williams' adjusted EBITDA to grow at a 13% CAGR. With an enterprise value of $123 billion, it also looks like a bargain at 13 times next year's adjusted EBITDA. If you're looking for an undervalued, income-generating midstream stock with ample exposure to the AI boom, Williams checks all the right boxes.
Key Takeaways Hot weather lifted cooling demand, while LNG feedgas consumption rose 12% as export maintenance ended.A 30 Bcf storage build trailed the five-year average, though strong U.S. production limited price gains.WMB, RRC and EXE offer exposure to natural gas through infrastructure, production and market access. Natural gas had a positive week as unusually warm weather kept demand for electricity and air conditioning strong across much of the United States. Activity at LNG export plants also improved as maintenance work ended at several facilities. At the same time, recent increases in gas kept in storage were smaller than normal, which helped prices. However, plentiful U.S. production prevented prices from rising sharply. Overall, the market showed signs of improving demand, even as strong supply remained an important concern.
Given this improving backdrop, investors may want to focus on natural gas-related stocks, such as The Williams Companies (WMB - Free Report) , Range Resources (RRC - Free Report) and Expand Energy (EXE - Free Report) .
Prices End the Week HigherNatural gas futures finished last week on a positive note, gaining about 3% to settle at $2.975 per MMBtu. Hotter-than-normal weather across much of the central and midwestern United States supported cooling demand. Total natural gas demand increased 2% during the week, helped mainly by a 12% jump in LNG feedgas consumption as maintenance outages ended at several export facilities. At the same time, strong U.S. production and comfortable overall inventory levels kept the rally in check. Still, improving demand conditions helped natural gas finish the week on firmer ground.
What Helped Natural Gas Prices?Weather was one of the biggest factors. Temperatures were above average across much of the central and midwestern United States last week, supporting demand for cooling and electricity generation.
The latest government report also showed that only 30 billion cubic feet (Bcf) of gas was added to storage, below the five-year average build of 37 Bcf and last year’s 50 Bcf increase. Total working gas in storage was 3,214 Bcf, 5% above the five-year average but 2% below the year-ago level.
Demand from LNG export facilities also improved. LNG feedgas demand rose 12%, while the LNG-carrying capacity of vessels leaving U.S. ports increased to 123 Bcf from the previous week. However, U.S. gas supply also increased 1%, meaning supply remains plentiful.
Outlook: Reasons to Stay HopefulThe outlook for natural gas appears cautiously positive, although some challenges remain. U.S. production is still high, and inventories remain above their five-year seasonal average. However, the latest storage increase was smaller than both the five-year average and last year’s build, suggesting that demand is absorbing available supply at a healthier pace. Moreover, total storage is now below the year-ago level despite remaining above its five-year average.
For investors, this means the natural gas market may have room to improve if demand stays healthy and supply growth becomes less aggressive. The recent increase in LNG feedgas demand is particularly encouraging, while stronger LNG shipping activity could provide another source of support. Strong production could limit a sharp price rally, but healthy cooling demand, growing exports and smaller-than-normal storage additions could help keep prices supported. With the balance between supply and demand becoming more favorable, natural gas-focused investors can remain hopeful.
3 Stocks to Focus OnInvestors looking for exposure to this theme may consider Zacks Rank #3 (Hold) stocks The Williams Companies, Range Resources and Expand Energy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Williams Companies: Williams Companies is a natural gas infrastructure operator with businesses spanning transmission, gathering, processing, storage and related marketing. Its network is concentrated around major U.S. supply and demand centers, with Transco serving as a key pipeline corridor. The company also has large gathering positions in the Marcellus, Utica and Haynesville, which together account for most of its gathering volumes.
In the Haynesville, Williams is expanding its wellhead-to-market system, supported by gathering capacity, Gulf Coast connections and 120 Bcf of storage. Its assets are positioned to move gas toward power plants, industrial users and LNG export facilities, giving the company broad exposure to rising natural gas demand.
The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 20% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 19.6%, which compares favorably with the industry's growth rate of 12.5%.
Range Resources: Range Resources is a natural gas-focused producer centered in Pennsylvania’s Appalachian Basin, with development led by its core Marcellus acreage in southwest Pennsylvania. The company controls about 450,000 net acres there and another 70,000 in northeast Pennsylvania. Its large, contiguous position supports efficient drilling and gives RRC more than 30 years of high-quality Marcellus inventory.
Range Resources sells natural gas into several markets rather than relying on one local outlet. Roughly 30% goes to the Midwest, while about 25% each reaches the Gulf Coast and LNG/premium Gulf markets, with the balance serving local and Northeast customers. This market reach supports its long-term gas production strategy.
Range Resources beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The natural gas producer has a trailing four-quarter earnings surprise of roughly 22.5%, on average.
Expand Energy: Expand Energy is North America’s largest natural gas producer, with about 2.0 million net acres and 2026 production near 7.5 Bcfe per day. Its operations span three main areas: Haynesville, northeast Appalachia and southwest Appalachia. These assets provide deep drilling inventory and place production close to major demand centers, while an interconnected transportation network helps move gas to higher-value markets.
The company is also building a broader natural gas platform beyond production. Its planned Twin Eagle acquisition would expand marketing, storage and firm transportation capabilities across North America. That combination is designed to connect Expand’s gas supply with power, industrial and LNG customers from coast to coast.
The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 44.9% year-over-year improvement. The firm has a trailing four-quarter earnings surprise of roughly 7.2%, on average.
Key Takeaways Williams expands its Haynesville position with over 4,000 miles of pipeline and 6 Bcf/d of gathering capacity.Momentum adds take-or-pay pipelines and contracted assets that could support revenue visibility.The acquisition creates a growth platform alongside two announced expansion projects in the region. Williams Companies (WMB - Free Report) has completed its acquisition of Momentum Midstream in a transaction valued at approximately $5.5 billion. The deal marks a significant expansion of Williams’ natural gas infrastructure footprint in the Haynesville basin, positioning it to benefit from rising demand from liquefied natural gas (“LNG”), power generation and industrial customers along the Gulf Coast.
The transaction consists of approximately $3.5 billion in cash and debt consideration and roughly $2 billion of Williams’ equity. With the acquisition now closed, Williams gains a larger integrated platform in one of the most strategically important natural gas-producing regions in the United States.
Expanding Williams’ Haynesville FootprintMomentum’s assets significantly expand Williams’ gathering and transportation capabilities in the Haynesville. The acquired platform includes more than 4,000 miles of pipeline, over 1 million dedicated acres and approximately 6 billion cubic feet per day (Bcf/d) of gathering capacity.
The assets also include multiple processing and treating facilities, along with three take-or-pay pipelines that have approximately 4.05 Bcf/d of transportation capacity.
This infrastructure gives Williams, a Tulsa, OK-based oil and gas storage and transportation company, additional opportunities to connect natural gas supplies with high-demand markets along the Gulf Coast. The strategic importance of these connections is increasing as LNG export capacity expands and electricity demand rises.
For Williams, the acquisition is therefore more than an expansion of its physical footprint. It provides additional infrastructure positioned between growing natural gas production and increasingly attractive demand centers.
LNG and Power Demand Offer Growth OpportunitiesThe U.S. natural gas market is entering a period of potentially strong demand growth. LNG exports are a key driver, while increasing electricity consumption is creating another source of demand for natural gas-fired generation.
The Gulf Coast is particularly important because it hosts a large concentration of LNG export infrastructure, industrial facilities and power generation assets. Williams’ expanded Haynesville platform can help move natural gas from producers toward these markets.
The company’s increased exposure to the Haynesville also creates opportunities to expand its infrastructure as demand develops. Williams noted that the transaction creates a growth platform in addition to two expansion projects that have already been announced.
This combination of existing infrastructure and potential future projects could provide Williams with additional avenues to increase earnings and cash flow over time.
Contracted Assets Add StabilityAnother important aspect of the transaction is Momentum’s customer base and contract structure. Williams highlighted the acquired platform’s high-quality customer base and durable take-or-pay contracts.
Take-or-pay arrangements can provide greater revenue visibility because customers generally commit to paying for a specified level of transportation or capacity, subject to contractual terms, even if they do not fully utilize the capacity.
That characteristic is particularly valuable for a midstream company. Unlike exploration and production companies, midstream operators generally benefit from fee-based contracts that can reduce direct exposure to commodity-price volatility.
The acquired contracts and infrastructure could therefore complement Williams’ existing portfolio while providing a foundation for future expansion.
Strategic Fit With Williams’ Natural Gas StrategyThe Momentum acquisition aligns closely with Williams’ broader strategy of expanding its natural gas infrastructure network. Williams operates a large network of gathering, processing, storage and transmission assets, giving it exposure to multiple stages of the natural gas value chain.
Adding Momentum’s Haynesville assets strengthens this integrated model. The expanded network can improve connectivity between producers and demand centers while potentially creating additional opportunities to develop new infrastructure.
WMB’s president and CEO Chad Zamarin said the acquisition establishes a premier Haynesville position and strengthens its ability to serve growing LNG, power and industrial demand along the Gulf Coast.
The company also expects the complementary infrastructure to provide a platform for advancing its natural gas-focused strategy and creating long-term shareholder value.
What Investors Should WatchFor investors, the key consideration will be Williams’ ability to translate the larger asset base into sustainable earnings and cash flow growth while maintaining a disciplined balance sheet.
The $5.5 billion transaction represents a substantial investment, making the performance of the acquired assets important to the company’s future returns. Investors should watch integration progress, utilization of gathering and transportation capacity, additional expansion opportunities and demand growth from LNG and power customers.
Overall, the Momentum acquisition strengthens Williams’ competitive position in the Haynesville and increases its exposure to structural growth in U.S. natural gas demand. The combination of extensive infrastructure, contracted capacity and access to Gulf Coast demand centers provides Williams with a broader platform for long-term growth.
WMB's Zacks Rank & Key PicksCurrently, WMB has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) , Delek US Holdings (DK - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Oceaneering International (OII - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific is valued at $4.02 billion. It is a diversified energy company that owns and operates petroleum refineries, logistics assets and retail fuel businesses across the United States. Par Pacific focuses on refining, transporting and marketing fuel products while serving regional markets with reliable energy solutions.
Delek US Holdings is valued at $4.38 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
Oceaneering International is valued at $5.14 billion. It is a global technology and engineering company. Oceaneering International provides subsea robotics, offshore services, engineered products and advanced solutions to the energy, defense, aerospace and other industries.
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced it has closed its acquisition of Momentum Midstream in a transaction valued at approximately $5.5 billion, expanding the company's integrated natural gas infrastructure platform in the Haynesville to serve growing Gulf Coast LNG, power and industrial demand. The transaction includes approximately $3.5 billion of cash and debt consideration and roughly $2 billion of Williams' equity.
A month has gone by since the last earnings report for Williams Companies, Inc. (The) (WMB - Free Report) . Shares have added about 5.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is The Williams Companies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Williams Companies Q2 Earnings & Revenues Miss Estimates, Increase Y/YThe Williams Companies reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments.
The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales.
Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 6% year over year. Cash flow from operations amounted to $1.4 billion, down 5.1% from the corresponding quarter of 2025.
Momentum Midstream AcquisitionWilliams Companies has agreed to acquire Momentum Midstream in a deal worth up to $5.5 billion, strengthening its Haynesville footprint and expanding its integrated natural gas infrastructure to meet rising Gulf Coast LNG, power and industrial demand. Momentum adds more than 4,000 miles of pipelines, 6 Bcf/d gathering capacity and key processing assets, with the deal expected to boost AFFO and EPS. Williams Companies also announced the Delta Aces and Shelby Trough Connector expansions, positioning the company to capture growing natural gas demand and enhance basin connectivity.
Q2 Segmental AnalysisTransmission, Power & Gulf: The segment reported an adjusted EBITDA of $959 million, up 6.2% from the year-ago quarter’s level. The increase was driven by contributions from projects placed in service, new Gulf volumes and higher storage revenues. However, the figure missed the Zacks Consensus Estimate by 2.5%.
Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $540 million. This represents a 7.8% increase from $501 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $518 million.
West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $359 million, up 5.3% from the prior-year quarter’s level of $341 million. Strong results were fueled by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. However, the figure missed the Zacks Consensus Estimate of $389 million.
Gas & NGL Marketing Services: The segment posted a negative adjusted EBITDA of $1 million, narrowing down from the year-ago negative EBITDA of $15 million, resulting from higher gas marketing margins due to winter storms. The Zacks Consensus Estimate for the same was pegged at a negative $7.27 million.
Other: This segment posted an adjusted EBITDA of $64 million, representing a 17.9% decrease from $78 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $57 million.
Costs, Capex & Balance SheetIn the reported quarter, total costs and expenses of $1.9 billion increased by about 2% from the year-ago quarter’s figure.
Total capital expenditure (capex) was $1.8 billion. As of June 30, 2026, WMB had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%.
2026 GuidanceWilliams Companies raised its 2026 guidance and now expects adjusted EBITDA of $8.3-$8.5 billion, with growth capital expenditures projected at $7.3-$7.9 billion. Factoring in the pro forma contribution from the Momentum Midstream acquisition over the past four quarters, the company expects its 2026 leverage ratio to be approximately 3.75x at the midpoint. The growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
VGM ScoresCurrently, The Williams Companies has a subpar Growth Score of D, a grade with the same score on the momentum front. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, The Williams Companies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerThe Williams Companies belongs to the Zacks Oil and Gas - Production and Pipelines industry. Another stock from the same industry, Kinder Morgan (KMI - Free Report) , has gained 2.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Kinder Morgan reported revenues of $4.48 billion in the last reported quarter, representing a year-over-year change of +10.8%. EPS of $0.37 for the same period compares with $0.28 a year ago.
For the current quarter, Kinder Morgan is expected to post earnings of $0.33 per share, indicating a change of +13.8% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Kinder Morgan. Also, the stock has a VGM Score of C.
On CNBC’s “Mad Money Lightning Round,” Jim Cramer said he is not a big fan of Rocket Lab Corporation (NASDAQ:RKLB) and likes HawkEye 360, Inc. (NYSE:HAWK), adding that the former is “too speculative.”
According to recent news, the company was selected on Tuesday for a $12 million contract to support the U.S. Space Force’s space data network consortium.
Jim Cramer said he likes Canadian Natural Resources Limited (NYSE:CNQ), adding that it’s “one of the better” oil and gas companies.
Lending support to his choice, Canadian Natural Resources, on Aug. 6, reported second-quarter earnings of $1.58 per share. It beat the analyst consensus estimate of $1.40 per share. The company reported quarterly sales of $10.648 billion, which beat the analyst consensus estimate of $9.320 billion.
Palantir Technologies Inc. (NASDAQ:PLTR) reported an “amazing” quarter and it is a “great spec,” Cramer said.
Trending
“I stuck with it, and I’m not leaving it,” he added. “I think it’s real good.”
Palantir reported upbeat second-quarter financial results on Aug. 3 and raised its FY26 sales guidance above estimates. Palantir reported second-quarter revenue of $1.94 billion, beating analyst estimates of $1.80 billion. The AI software company reported adjusted earnings of 41 cents per share for the quarter, beating estimates of 35 cents per share, according to Benzinga Pro.
Cramer said International Business Machines Corporation (NYSE:IBM) is “very tough. I think it’s doing better than people think. It’s all the way down, but I have to tell you, I know that people hate this, even though I don’t think they should, and I have to keep that in mind.”
IBM, on July 22, reported better-than-expected second-quarter financial results.
The Williams Companies, Inc. (NYSE:WMB) is “terrific,” Cramer said.
Supporting his view, Morgan Stanley analyst Robert Kad maintained Williams Companies with an Overweight rating on Aug. 18 and raised the price target from $99 to $103.
Price Action Rocket Lab shares fell 5.9% to settle at $68.28 on Monday. Canadian Natural Resources shares declined 1.4% to close at $50.68 during the session. Palantir dipped 2.3% to settle at $175.89 on Monday. Williams Companies shares gained 0.7% to close at $70.97. IBM shares fell 2% to settle at $231.04 on Monday. Read Next
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Many dividend stocks pulled back this year as fears of higher interest rates drove income-oriented investors back toward lower-risk CDs, bonds, and T-bills. But over the long term, most blue chip dividend stocks generate bigger total returns than fixed-income plays.
Three reliable dividend stocks worth buying today are Chevron (CVX -0.92%), ExxonMobil (XOM -0.84%), and The Williams Companies (WMB +0.75%). Let's see why these three energy plays will remain safe income stocks to buy, hold, and forget for at least the next decade.
Image source: Getty Images.
Chevron is one of the world's largest integrated energy companies. It owns upstream extraction facilities and downstream refineries, as well as midstream pipelines that transport its own resources. It has a presence in 180 countries, but it gets most of its oil from the U.S., Kazakhstan, and Australia. It's also expanding into new oil-rich regions like Guyana, and it's less exposed to the volatile Middle East market than many of its industry peers.
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Chevron's scale and diversification insulate it from major economic shocks, and it only needs the price of Brent crude (currently at $88 per barrel) to stay above $50 per barrel to generate enough cash to cover its capex and dividends through 2030. It also plans to increase its oil and gas production by 2%-3% annually through the end of the decade.
Chevron has raised its dividend annually for 39 consecutive years, and it will be crowned a Dividend King if it maintains that streak for 50 years. It pays a forward yield of 3.5%, and its low trailing payout ratio of 67% gives it plenty of room for future hikes.
ExxonMobil ExxonMobil is another massive integrated energy company that owns upstream, downstream, and midstream assets. It operates in over 56 countries, but it gets most of its oil from the Permian Basin in the United States. Like Chevron, ExxonMobil has also been expanding aggressively in Guyana and ramping up its oil production in Asia and Africa.
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ExxonMobil only needs Brent crude prices to remain above $35 per barrel to cover its capex and dividends. It aims to increase its oil and gas production by nearly 3% through 2030.
ExxonMobil has raised its dividend annually for 43 consecutive years, making it a future Dividend King, and it pays a forward yield of 2.5% with a low trailing payout ratio of 53%. It's notably more exposed to the Middle East conflicts than Chevron, but its growth in the Permian Basin, Guyana, and the liquefied natural gas (LNG) market should offset that pressure.
The Williams Companies Williams is a midstream company that operates over 33,000 miles of pipeline across the United States. It mainly delivers natural gas through its pipelines, which sets it apart from many of its industry peers -- which typically transport a broader mix of crude oil, natural gas, and other resources.
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Williams transports about 30% of the country's natural gas, which powers nearly half of our domestic data centers, through its Transco pipelines between Texas and the Eastern Seaboard. That "superhighway" makes Williams more of an AI infrastructure play than many of its industry peers, and it's building "behind the meter" (BTM) sites at data centers to provide hyperscalers with a stable flow of natural gas that bypasses the bottlenecks at traditional utilities.
As a midstream company, Williams generates most of its revenue by collecting "tolls" from upstream and downstream companies, as well as utilities that use its infrastructure. That business model is well insulated from volatile commodity prices, and it generates plenty of cash to fund its dividends -- which it's raised annually for the past 10 years. It pays an attractive forward yield of nearly 3%, which is supported by a trailing payout ratio of 82%, and offers a balanced blend of growth and income.
Key Takeaways WMB could benefit from long-term U.S. gas demand growth and its network handling a third of U.S. natural gas.RRC pairs low-cost Marcellus production with diversified access to domestic, LNG and international demand.EXE is the largest U.S. natural gas producer, with 2026 EPS projected to improve 44.9% year over year. U.S. natural gas prices moved up slightly last week, but trading remained uneven. Hot weather increased electricity demand because more homes and businesses used air conditioning. That helped support natural gas use by power plants. However, very strong U.S. gas production and still-high storage levels prevented prices from rising sharply. Even with these pressures, natural gas finished the week with a small gain, giving investors some reason to stay hopeful about the outlook.
For now, investors may consider keeping an eye on natural gas-focused companies such as The Williams Companies (WMB - Free Report) , Range Resources (RRC - Free Report) and Expand Energy (EXE - Free Report) . These companies could benefit if natural gas demand strengthens and prices improve in the coming months.
Natural Gas Finishes the Week Higher
Natural gas prices were volatile last week as traders weighed strong U.S. production against weather-driven demand. Hot conditions in parts of the country supported electricity use for air conditioning, while a smaller-than-normal storage build also helped sentiment. However, record production and still-comfortable inventories limited the upside. Prices nevertheless ended the week on a firmer note, with Nymex natural gas settling at $2.773 per MMBtu on Friday. That left the contract with a 1.5% weekly gain, marking its second straight weekly advance.
What Could Help Prices Going Forward?
There are several reasons natural gas prices could receive support in the coming months. Hot weather is still increasing electricity demand in parts of the country. The latest weekly increase in stored natural gas was also smaller than normal, suggesting that stronger demand is limiting how quickly inventories are building.
Another positive factor is LNG exports. U.S. natural gas is converted into liquefied natural gas, or LNG, and shipped overseas. Export demand is expected to improve as maintenance at export facilities ends. If more U.S. gas is sent overseas, there will be less supply available in the domestic market. However, record U.S. production and above-normal storage remain important challenges.
Reasons to Stay Hopeful
Natural gas prices may remain volatile in the near term. Summer is ending, which means demand for air conditioning will gradually decline. At the same time, producers are still supplying large amounts of gas, while storage levels remain comfortable. These factors could limit any immediate price rally.
Still, the outlook is not entirely negative. LNG demand could improve, and colder weather later in the year should increase natural gas use for heating. If storage growth continues to slow while exports and winter demand strengthen, prices could improve from current levels. For investors, that means patience may be important, but there are reasons for cautious optimism.
3 Stocks to Focus on
Williams Companies, Range Resources and Expand Energy remain natural gas-focused stocks worth watching as the market heads toward fall and winter.
The Williams Companies: U.S. natural gas demand is projected to grow significantly in the long term, and The Williams Companies seems to be well-positioned to capitalize on the same, owing to its impressive portfolio of large-scale value-creating projects. With its extensive network handling a third of the U.S. natural gas and significant expansion projects in the pipeline, Zacks Rank #3 (Hold), Williams is set to benefit from favorable industry dynamics and growth prospects. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 19.5% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 19.6%, which compares favorably with the industry's growth rate of 14%.
Range Resources: Range Resources is a pure-play Appalachian producer focused on natural gas, with a leading position in the Marcellus shale supported by decades of high-quality inventory. Its operations emphasize efficient development of contiguous acreage, enabling low-cost production and durable free cash flow. The company benefits from diversified market access, supplying natural gas and liquids to domestic, LNG and international demand centers.
Range Resources beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The natural gas producer, currently a #3 Ranked stock, has a trailing four-quarter earnings surprise of roughly 22.5%, on average.
Expand Energy: Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.
The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 44.9% year-over-year improvement. The firm, with a Zacks Rank of 3, has a trailing four-quarter earnings surprise of roughly 7.2%, on average.
EP Wealth Advisors LLC purchased a new position in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,347 shares of the pipeline company’s stock, valued at approximately $1,661,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cynosure Group LLC bought a new stake in shares of Williams Companies during the second quarter valued at approximately $647,000. Gabelli Funds LLC lifted its position in Williams Companies by 7.4% in the 4th quarter. Gabelli Funds LLC now owns 261,000 shares of the pipeline company’s stock valued at $15,689,000 after acquiring an additional 17,900 shares in the last quarter. SIR Capital Management L.P. boosted its stake in Williams Companies by 40.0% during the 4th quarter. SIR Capital Management L.P. now owns 525,232 shares of the pipeline company’s stock valued at $31,572,000 after purchasing an additional 150,032 shares during the last quarter. Stephens Inc. AR boosted its stake in Williams Companies by 8.9% during the 4th quarter. Stephens Inc. AR now owns 164,900 shares of the pipeline company’s stock valued at $9,912,000 after purchasing an additional 13,438 shares during the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of Williams Companies by 56.3% in the 4th quarter. Global Retirement Partners LLC now owns 57,550 shares of the pipeline company’s stock worth $3,459,000 after purchasing an additional 20,740 shares in the last quarter. Institutional investors own 86.44% of the company’s stock.
Insider Activity at Williams Companies In other news, SVP Terrance Lane Wilson sold 13,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $74.87, for a total transaction of $973,310.00. Following the completion of the sale, the senior vice president owned 268,159 shares of the company’s stock, valued at $20,077,064.33. This represents a 4.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 17,000 shares of company stock worth $1,262,930. 0.47% of the stock is owned by corporate insiders.
Analyst Ratings Changes Several research analysts have recently weighed in on WMB shares. The Goldman Sachs Group restated a “buy” rating and issued a $82.00 price target on shares of Williams Companies in a research note on Tuesday, July 14th. Barclays increased their price objective on Williams Companies from $73.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Truist Financial lifted their price objective on Williams Companies from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Williams Companies in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company upped their target price on shares of Williams Companies from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $85.60. Check Out Our Latest Report on WMB
Williams Companies Stock Performance WMB stock opened at $70.71 on Friday. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.48 and a quick ratio of 0.43. Williams Companies, Inc. has a 1 year low of $56.08 and a 1 year high of $80.07. The company has a market cap of $86.49 billion, a P/E ratio of 28.17, a price-to-earnings-growth ratio of 1.45 and a beta of 0.58. The stock’s fifty day moving average price is $73.38 and its 200-day moving average price is $73.13.
Williams Companies (NYSE:WMB – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The pipeline company reported $0.50 EPS for the quarter, meeting analysts’ consensus estimates of $0.50. Williams Companies had a return on equity of 18.49% and a net margin of 25.17%.The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. Williams Companies’s revenue for the quarter was up 9.8% compared to the same quarter last year. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. On average, equities analysts forecast that Williams Companies, Inc. will post 2.45 earnings per share for the current year.
Williams Companies Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 11th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $2.10 annualized dividend and a dividend yield of 3.0%. Williams Companies’s dividend payout ratio is presently 83.67%.
Williams Companies News Summary Here are the key news stories impacting Williams Companies this week:
Positive Sentiment: Morgan Stanley raised its price target for Williams Companies to $103, signaling substantial potential upside from recent trading levels and providing a constructive counterpoint to the earnings estimate cuts. Morgan Stanley Increases Williams Companies Price Target to $103 Neutral Sentiment: The company’s latest reported quarter was solid: Williams earned $0.50 per share, matching consensus, while revenue of $3.05 billion exceeded expectations and increased 9.8% year over year. Its fee-based pipeline operations provide relatively stable cash flows. Negative Sentiment: US Capital Advisors lowered its EPS forecasts across several periods, including fourth-quarter 2026 EPS to $0.57 from $0.60, first-quarter 2027 EPS to $0.55 from $0.59, second-quarter 2027 EPS to $0.40 from $0.48, and third-quarter 2027 EPS to $0.50 from $0.55. Negative Sentiment: The firm also reduced its full-year 2027 EPS estimate to $2.07 from $2.28 and its 2028 forecast to $2.67 from $2.86. These revisions suggest analysts see weaker near- to medium-term earnings growth than previously expected and are likely the main reason the stock has decreased. Williams Companies Company Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
See Also Five stocks we like better than Williams Companies 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit? Want to see what other hedge funds are holding WMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Williams Companies, Inc. (The) (NYSE:WMB – Free Report).
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Bank of New York Mellon Corp decreased its stake in shares of Williams Companies, Inc. (The) (NYSE:WMB – Free Report) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,789,163 shares of the pipeline company’s stock after selling 259,484 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Williams Companies worth $579,046,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in WMB. Main Street Group LTD bought a new stake in shares of Williams Companies in the 1st quarter worth about $26,000. Motiv8 Investments LLC purchased a new stake in Williams Companies during the 4th quarter valued at about $27,000. Allied Private Wealth LLC acquired a new position in Williams Companies in the 2nd quarter worth approximately $28,000. Bayforest Capital Ltd acquired a new position in Williams Companies during the second quarter valued at $28,000. Finally, Clearstead Trust LLC boosted its stake in shares of Williams Companies by 62.2% in the fourth quarter. Clearstead Trust LLC now owns 485 shares of the pipeline company’s stock worth $29,000 after buying an additional 186 shares during the last quarter. Institutional investors own 86.44% of the company’s stock.
Analyst Upgrades and Downgrades Several equities research analysts recently commented on the stock. Royal Bank Of Canada boosted their price target on shares of Williams Companies from $83.00 to $87.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Canadian Imperial Bank of Commerce lifted their target price on shares of Williams Companies from $83.00 to $85.00 and gave the stock an “outperformer” rating in a research note on Tuesday, May 26th. Wall Street Zen downgraded shares of Williams Companies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. UBS Group reissued a “buy” rating on shares of Williams Companies in a report on Tuesday, July 14th. Finally, TD Cowen increased their price target on shares of Williams Companies from $81.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $85.60.
Check Out Our Latest Report on WMB Key Headlines Impacting Williams Companies Here are the key news stories impacting Williams Companies this week:
Positive Sentiment: Morgan Stanley raised its price target for Williams Companies to $103, signaling substantial potential upside from recent trading levels and providing a constructive counterpoint to the earnings estimate cuts. Morgan Stanley Increases Williams Companies Price Target to $103 Neutral Sentiment: The company’s latest reported quarter was solid: Williams earned $0.50 per share, matching consensus, while revenue of $3.05 billion exceeded expectations and increased 9.8% year over year. Its fee-based pipeline operations provide relatively stable cash flows. Negative Sentiment: US Capital Advisors lowered its EPS forecasts across several periods, including fourth-quarter 2026 EPS to $0.57 from $0.60, first-quarter 2027 EPS to $0.55 from $0.59, second-quarter 2027 EPS to $0.40 from $0.48, and third-quarter 2027 EPS to $0.50 from $0.55. Negative Sentiment: The firm also reduced its full-year 2027 EPS estimate to $2.07 from $2.28 and its 2028 forecast to $2.67 from $2.86. These revisions suggest analysts see weaker near- to medium-term earnings growth than previously expected and are likely the main reason the stock has decreased. Insider Activity at Williams Companies In other Williams Companies news, SVP Terrance Lane Wilson sold 13,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $74.87, for a total value of $973,310.00. Following the completion of the transaction, the senior vice president directly owned 268,159 shares in the company, valued at approximately $20,077,064.33. The trade was a 4.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 17,000 shares of company stock worth $1,262,930 in the last ninety days. Insiders own 0.47% of the company’s stock.
Williams Companies Stock Performance NYSE:WMB opened at $70.71 on Friday. The firm’s fifty day simple moving average is $73.38 and its 200-day simple moving average is $73.13. The company has a quick ratio of 0.43, a current ratio of 0.48 and a debt-to-equity ratio of 1.83. The stock has a market cap of $86.49 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 1.48 and a beta of 0.58. Williams Companies, Inc. has a fifty-two week low of $56.08 and a fifty-two week high of $80.07.
Williams Companies (NYSE:WMB – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The pipeline company reported $0.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.83 billion. Williams Companies had a return on equity of 18.49% and a net margin of 25.17%.The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. Analysts expect that Williams Companies, Inc. will post 2.48 earnings per share for the current fiscal year.
Williams Companies Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 11th. Williams Companies’s dividend payout ratio (DPR) is currently 83.67%.
(Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
Featured Stories Five stocks we like better than Williams Companies Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding WMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Williams Companies, Inc. (The) (NYSE:WMB – Free Report).
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Allworth Financial LP purchased a new position in shares of Williams Companies, Inc. (The) (NYSE: WMB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 88,596 shares of the pipeline company's stock, valued at approximately $6,586,000. Several other
Shares of Williams Companies, Inc. (The) (NYSE:WMB – Get Free Report) have been assigned an average rating of “Buy” from the twenty ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $85.60.
A number of brokerages have recently weighed in on WMB. Citigroup upped their price target on shares of Williams Companies from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Morgan Stanley boosted their target price on Williams Companies from $99.00 to $103.00 and gave the stock an “overweight” rating in a report on Tuesday. Canadian Imperial Bank of Commerce upped their target price on Williams Companies from $83.00 to $85.00 and gave the stock an “outperformer” rating in a research report on Tuesday, May 26th. TD Cowen increased their price target on Williams Companies from $81.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company lifted their price target on Williams Companies from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th.
Read Our Latest Research Report on WMB
Williams Companies Price Performance Shares of WMB opened at $71.86 on Tuesday. The firm has a market capitalization of $87.90 billion, a price-to-earnings ratio of 28.63, a price-to-earnings-growth ratio of 1.51 and a beta of 0.58. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.43 and a current ratio of 0.48. Williams Companies has a one year low of $56.08 and a one year high of $80.07. The stock’s fifty day moving average is $73.40 and its 200-day moving average is $73.15. Williams Companies (NYSE:WMB – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The pipeline company reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.83 billion. Williams Companies had a net margin of 25.17% and a return on equity of 18.49%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. Equities analysts anticipate that Williams Companies will post 2.48 EPS for the current year.
Williams Companies Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 11th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $2.10 annualized dividend and a yield of 2.9%. Williams Companies’s dividend payout ratio (DPR) is currently 83.67%.
Insider Transactions at Williams Companies In related news, SVP Terrance Lane Wilson sold 13,000 shares of Williams Companies stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $74.87, for a total transaction of $973,310.00. Following the transaction, the senior vice president directly owned 268,159 shares of the company’s stock, valued at $20,077,064.33. The trade was a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 17,000 shares of company stock worth $1,262,930 over the last quarter. 0.47% of the stock is owned by insiders.
Hedge Funds Weigh In On Williams Companies Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Williams Companies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 133,963,343 shares of the pipeline company’s stock worth $8,052,537,000 after buying an additional 883,245 shares in the last quarter. State Street Corp increased its holdings in shares of Williams Companies by 1.9% in the fourth quarter. State Street Corp now owns 67,981,106 shares of the pipeline company’s stock valued at $4,086,344,000 after buying an additional 1,296,991 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Williams Companies by 4.8% in the fourth quarter. Bank of America Corp DE now owns 46,053,873 shares of the pipeline company’s stock valued at $2,768,298,000 after buying an additional 2,100,164 shares in the last quarter. Morgan Stanley lifted its position in shares of Williams Companies by 11.0% during the 4th quarter. Morgan Stanley now owns 33,572,067 shares of the pipeline company’s stock valued at $2,018,017,000 after acquiring an additional 3,314,851 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Williams Companies by 43.4% during the 2nd quarter. Wellington Management Group LLP now owns 33,097,208 shares of the pipeline company’s stock worth $2,460,446,000 after acquiring an additional 10,013,946 shares in the last quarter. Institutional investors own 86.44% of the company’s stock.
(Get Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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BOK Financial Private Wealth Inc. purchased a new stake in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,018 shares of the pipeline company’s stock, valued at approximately $522,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Danske Bank A S bought a new position in Williams Companies in the second quarter worth approximately $4,135,000. Diversify Advisory Services LLC purchased a new position in shares of Williams Companies in the 2nd quarter valued at $3,524,000. Gables Capital Management Inc. bought a new position in shares of Williams Companies in the 2nd quarter worth $51,000. Oxbow Advisors LLC raised its position in shares of Williams Companies by 2.3% in the 2nd quarter. Oxbow Advisors LLC now owns 49,479 shares of the pipeline company’s stock worth $3,678,000 after acquiring an additional 1,129 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new stake in shares of Williams Companies during the 2nd quarter worth $329,094,000. 86.44% of the stock is currently owned by institutional investors.
Insiders Place Their Bets In other Williams Companies news, SVP Terrance Lane Wilson sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $74.87, for a total transaction of $973,310.00. Following the completion of the sale, the senior vice president directly owned 268,159 shares in the company, valued at approximately $20,077,064.33. The trade was a 4.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 17,000 shares of company stock valued at $1,262,930. Company insiders own 0.47% of the company’s stock.
Williams Companies Trading Up 2.5% Shares of Williams Companies stock opened at $75.25 on Wednesday. The firm has a 50-day simple moving average of $73.38 and a two-hundred day simple moving average of $73.07. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.43 and a current ratio of 0.48. Williams Companies, Inc. has a fifty-two week low of $55.82 and a fifty-two week high of $80.07. The company has a market cap of $92.05 billion, a P/E ratio of 29.98, a price-to-earnings-growth ratio of 1.58 and a beta of 0.59. Williams Companies (NYSE:WMB – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The pipeline company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $2.83 billion. Williams Companies had a return on equity of 18.49% and a net margin of 25.17%.Williams Companies’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. As a group, equities analysts predict that Williams Companies, Inc. will post 2.43 earnings per share for the current fiscal year.
Williams Companies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 11th will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. Williams Companies’s dividend payout ratio is 83.67%.
Analyst Upgrades and Downgrades WMB has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Williams Companies from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Williams Companies in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Williams Companies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. TD Cowen upped their price target on Williams Companies from $81.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Barclays raised their price objective on Williams Companies from $73.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Williams Companies currently has a consensus rating of “Buy” and a consensus target price of $85.60.
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Williams Companies Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Assenagon Asset Management S.A. reduced its holdings in shares of Williams Companies, Inc. (The) (NYSE:WMB – Free Report) by 92.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,738 shares of the pipeline company’s stock after selling 733,339 shares during the period. Assenagon Asset Management S.A.’s holdings in Williams Companies were worth $4,367,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of WMB. Norges Bank bought a new position in shares of Williams Companies during the fourth quarter valued at approximately $747,749,000. BROOKFIELD Corp ON boosted its position in shares of Williams Companies by 190.3% in the 2nd quarter. BROOKFIELD Corp ON now owns 12,028,186 shares of the pipeline company’s stock worth $755,490,000 after purchasing an additional 7,884,730 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of Williams Companies by 21.3% in the 4th quarter. Clearbridge Investments LLC now owns 21,325,482 shares of the pipeline company’s stock worth $1,281,875,000 after purchasing an additional 3,748,126 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Williams Companies by 295.7% in the 4th quarter. Victory Capital Management Inc. now owns 4,446,915 shares of the pipeline company’s stock worth $268,723,000 after buying an additional 3,323,012 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Williams Companies by 11.0% in the 4th quarter. Morgan Stanley now owns 33,572,067 shares of the pipeline company’s stock worth $2,018,017,000 after buying an additional 3,314,851 shares during the last quarter. Institutional investors own 86.44% of the company’s stock.
Wall Street Analysts Forecast Growth A number of brokerages have issued reports on WMB. Scotiabank lifted their price objective on Williams Companies from $85.00 to $86.00 and gave the company a “sector outperform” rating in a research note on Tuesday, May 12th. The Goldman Sachs Group restated a “buy” rating and set a $82.00 price target on shares of Williams Companies in a report on Tuesday, July 14th. Citigroup lifted their price target on Williams Companies from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Williams Companies in a research report on Wednesday, June 24th. Finally, Truist Financial raised their price objective on shares of Williams Companies from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $84.12.
Get Our Latest Stock Analysis on WMB
Insider Buying and Selling In other news, SVP Terrance Lane Wilson sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $70.65, for a total transaction of $141,300.00. Following the completion of the transaction, the senior vice president directly owned 281,159 shares of the company’s stock, valued at $19,863,883.35. The trade was a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Glen G. Jasek sold 2,500 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $78.15, for a total transaction of $195,375.00. Following the transaction, the senior vice president owned 54,101 shares in the company, valued at approximately $4,227,993.15. This trade represents a 4.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,500 shares of company stock valued at $484,995 over the last quarter. Company insiders own 0.47% of the company’s stock.
Williams Companies Stock Up 1.9% WMB stock opened at $73.70 on Thursday. The stock has a market capitalization of $90.15 billion, a P/E ratio of 29.36, a P/E/G ratio of 1.70 and a beta of 0.58. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.48 and a quick ratio of 0.43. Williams Companies, Inc. has a 1-year low of $55.82 and a 1-year high of $80.07. The business has a fifty day moving average price of $73.19 and a 200-day moving average price of $72.82.
Williams Companies (NYSE:WMB – Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The pipeline company reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. Williams Companies had a return on equity of 18.49% and a net margin of 25.17%.The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period last year, the company earned $0.46 EPS. Williams Companies’s revenue for the quarter was up 9.8% on a year-over-year basis. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. Equities analysts forecast that Williams Companies, Inc. will post 2.44 earnings per share for the current fiscal year.
Williams Companies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 11th will be paid a $0.525 dividend. The ex-dividend date is Friday, September 11th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.8%. Williams Companies’s payout ratio is currently 83.67%.
Key Williams Companies News Here are the key news stories impacting Williams Companies this week:
Positive Sentiment: RBC Capital initiated or reiterated a Buy rating on Williams, signaling expectations for further share-price appreciation. Williams Co (WMB) Receives a Buy from RBC Capital Positive Sentiment: Truist Financial raised its price target for WMB to $88 from $84 and maintained a Buy rating, implying meaningful upside from recent trading levels. Benzinga Williams price target report Positive Sentiment: Williams’ planned acquisition of Momentum Midstream, valued at up to approximately $5.5 billion, and its partnership with Blackstone are expected to expand pipeline infrastructure, earnings and long-term cash flow. The company is also pursuing growth opportunities tied to power demand. Williams Q2 2026 earnings call transcript Positive Sentiment: Recent results provided support for the bullish view: Williams met quarterly EPS expectations at $0.50, exceeded revenue estimates with $3.05 billion, and increased revenue year over year. Fresh attention to natural-gas flows may also benefit the company’s extensive midstream network. Natural gas flows and Williams Neutral Sentiment: Zacks identified WMB as one of the pipeline stocks positioned to withstand industry headwinds, although conservative upstream capital spending creates uncertainty for sector-wide volume growth. Pipeline stocks facing industry headwinds Negative Sentiment: Despite a roughly 2.9-times five-year return, valuation measures suggest WMB trades at a premium, limiting its appeal as a bargain and raising the risk that much of the positive outlook is already reflected in the stock. Williams stock trades at a premium Williams Companies Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Unlike exploration and production operations, the midstream energy space is generally less vulnerable to fluctuations in oil and natural gas prices. Despite this, the outlook for the Zacks Oil and Gas - Production and Pipelines industry is gloomy, primarily due to the conservative spending of upstream companies, which is likely to continue hurting the demand for transportation and storage assets.
Players in the industry like Kinder Morgan, Inc. (KMI - Free Report) , The Williams Companies Inc. (WMB - Free Report) and MPLX LP (MPLX - Free Report) are well-positioned to sail through the prevailing uncertainties.
About the Industry The Zacks Oil and Gas - Production and Pipelines industry comprises companies that own and operate midstream energy infrastructure assets. The properties consist of extensive pipeline networks that transport crude oil, liquids and natural gas. The midstream energy players are also involved in the processing and storing of natural gas. The companies have interests in natural gas distribution utilities, serving millions of retail customers across North America. Some companies are ramping up investments in renewable energy and power transmission businesses. The firms invested in wind farms, solar energy operations, geothermal projects and hydroelectric facilities. Thus, with a diversified portfolio of renewable energy projects, the firms have room to generate extra cash flows in addition to stable fee-based revenues from transportation assets.
What's Shaping the Future of Oil & Gas - Production & Pipelines Industry? High Debt Load: The industry is inherently capital-intensive, as evident from the debt-to-capitalization ratio of 58.54%, where borrowing is a common practice to finance large infrastructure projects. However, elevated leverage can constrain financial flexibility, hindering midstream energy companies' capacity to invest in new developments, navigate economic downturns, or address unforeseen costs.
Shift to Renewables: Energy majors will increasingly face challenges in providing sustainable energy to the world while reducing greenhouse gas emissions. To address the issues of climate change, there will be a gradual shift from fossil fuels to renewable energy. This will lower the demand for the partnerships’ pipeline and storage networks for oil and natural gas.
Explorers’ Conservative Capital Spending: Oil and gas exploration and production companies are facing heightened pressure from investors to focus on stockholders’ returns rather than production. This is hindering the production growth of commodities, thereby denting the demand for pipeline and storage assets.
Zacks Industry Rank Indicates Gloomy Prospects The Zacks Oil and Gas - Production and Pipelines is a 10-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #182, which places it in the bottom 26% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Although the prospects remain unfavorable, we present a few stocks that investors can retain or keep an eye on, given their solid potential. But before that, let us take a look at the industry’s recent stock market performance and its current valuation.
Industry Lags S&P 500 & Sector The Zacks Oil and Gas - Production and Pipelines industry has underperformed the Zacks S&P 500 Composite and the broader Zacks Oil - Energy sector over the past year.
The industry has jumped 17.9% over this period compared with the 22.6% surge of the S&P 500 and the 31.9% surge of the broader sector.
One-Year Price Performance
Industry's Current Valuation Based on the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), a commonly used multiple for valuing oil and gas production and pipeline stocks, the industry is currently trading at 14.64X, lower than the S&P 500’s 18.09X. It is, however, above the sector’s trailing 12-month EV/EBITDA of 6.00X.
Over the past five years, the industry has traded as high as 15.61X, as low as 10.27X and at a median of 13.18X.
Trailing 12-Month Enterprise Value-to-EBITDA (EV/EBITDA) Ratio
3 Oil & Gas Pipeline Stocks Well Poised to Gain Kinder Morgan: The company is a North American midstream energy major, deriving stable fee-based revenues. KMI has a strong growth potential from the increasing liquefied natural gas (LNG) demand across the globe. This is because Kinder Morgan, carrying a Zacks Rank #2 (Buy), is responsible for transporting almost 40% of the natural gas that is being supplied to the LNG export facilities of the United States.
Price and Consensus: KMI
MPLX: MPLX’s midstream business comprises transporting crude oil and refined products. The partnership, carrying a Zacks Rank #3 (Hold), generates stable cash flows from its long-term contracts with the shippers. Its crude oil and natural gas gathering systems also generate stable fee-based revenues.
Price and Consensus: MPLX
The Williams Companies: The company is also a leading midstream player, well-positioned to capitalize on increasing clean energy demand. This is because WMB has a massive network of natural gas transportation pipelines that transport roughly 33% of the total natural gas used in the United States.
With a Zacks Rank of 3 at present, The Williams Companies also serves the rising power demand from the expanding data centers. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
First Bank & Trust lowered its position in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) by 16.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,864 shares of the pipeline company’s stock after selling 9,159 shares during the period. First Bank & Trust’s holdings in Williams Companies were worth $3,410,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of WMB. Brighton Jones LLC boosted its stake in Williams Companies by 40.9% in the fourth quarter. Brighton Jones LLC now owns 13,680 shares of the pipeline company’s stock worth $740,000 after purchasing an additional 3,969 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Williams Companies by 5.5% in the second quarter. Sivia Capital Partners LLC now owns 4,635 shares of the pipeline company’s stock valued at $291,000 after buying an additional 242 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Williams Companies by 2.1% in the second quarter. Treasurer of the State of North Carolina now owns 568,928 shares of the pipeline company’s stock valued at $35,734,000 after buying an additional 11,926 shares during the last quarter. Main Street Financial Solutions LLC raised its holdings in shares of Williams Companies by 3.0% in the second quarter. Main Street Financial Solutions LLC now owns 10,248 shares of the pipeline company’s stock valued at $644,000 after buying an additional 296 shares during the last quarter. Finally, Ieq Capital LLC lifted its position in Williams Companies by 160.1% during the 2nd quarter. Ieq Capital LLC now owns 165,035 shares of the pipeline company’s stock worth $10,366,000 after buying an additional 101,574 shares in the last quarter. 86.44% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades WMB has been the topic of a number of research analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $82.00 price objective on shares of Williams Companies in a report on Tuesday, July 14th. Stifel Nicolaus boosted their target price on shares of Williams Companies from $78.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on shares of Williams Companies from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Scotiabank increased their price target on shares of Williams Companies from $85.00 to $86.00 and gave the company a “sector outperform” rating in a research note on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce raised their price target on shares of Williams Companies from $83.00 to $85.00 and gave the company an “outperformer” rating in a report on Tuesday, May 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $83.88.
Read Our Latest Report on Williams Companies
Insiders Place Their Bets In other news, SVP Glen G. Jasek sold 2,500 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $78.15, for a total value of $195,375.00. Following the transaction, the senior vice president directly owned 54,101 shares in the company, valued at $4,227,993.15. This trade represents a 4.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Larry C. Larsen sold 12,000 shares of Williams Companies stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $76.48, for a total value of $917,760.00. Following the sale, the chief operating officer directly owned 98,219 shares of the company’s stock, valued at approximately $7,511,789.12. This trade represents a 10.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 18,500 shares of company stock valued at $1,402,755. Company insiders own 0.47% of the company’s stock.
Williams Companies Stock Performance Shares of NYSE:WMB opened at $71.70 on Tuesday. The company has a current ratio of 0.48, a quick ratio of 0.43 and a debt-to-equity ratio of 1.83. Williams Companies, Inc. has a 1-year low of $55.82 and a 1-year high of $80.07. The stock has a market capitalization of $87.70 billion, a P/E ratio of 28.57, a P/E/G ratio of 1.76 and a beta of 0.59. The business has a 50-day moving average price of $73.13 and a two-hundred day moving average price of $72.69.
Williams Companies (NYSE:WMB – Get Free Report) last issued its earnings results on Monday, August 3rd. The pipeline company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. Williams Companies had a net margin of 25.17% and a return on equity of 18.49%. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same quarter last year, the firm earned $0.46 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. Equities analysts predict that Williams Companies, Inc. will post 2.3 earnings per share for the current year.
Williams Companies Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 11th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $2.10 dividend on an annualized basis and a yield of 2.9%. Williams Companies’s dividend payout ratio (DPR) is presently 83.67%.
Williams Companies Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Oil Could Dip, But These 3 Energy Stocks Still Look Built to WinWilliams Companies NYSE: WMB reported higher second-quarter earnings before interest, taxes, depreciation and amortization as growth in its transmission, Gulf Coast, Northeast gathering and processing, and Haynesville-related businesses offset a decline in its upstream segment.
Second-quarter 2026 EBITDA rose 6% year over year to $1.92 billion from $1.8 billion, Chief Financial Officer John Porter said. Year-to-date EBITDA was up 10%. The company also raised its full-year adjusted EBITDA guidance to a range of $8.3 billion to $8.5 billion, reflecting stronger base-business performance and the expected contribution from its acquisition of Momentum Midstream.
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Power Innovation Project Reaches Initial Service MarketBeat Week in Review – 05/04 - 05/08President and Chief Executive Officer Chad Zamarin said Williams placed Phase 1 of its Socrates Power Innovation project into service last week, delivering 200 megawatts of utility-scale power to a customer. The phase was completed on time and within budget in less than 18 months from commercialization, according to Zamarin.
Williams expects to deliver the next Socrates phase before year-end. Chief Operating Officer Larry Larsen said the first phase’s commissioning and load testing proceeded smoothly, with the facility delivering initial power and expected to ramp toward full capacity during the month.
How Williams Companies Is Cashing in on the AI Power BoomThe company is using Socrates as a proof point for its behind-the-meter power strategy, which is aimed at serving data-center and other power demand. Zamarin said Williams remains in discussions with multiple customers and expects to commercialize additional Power Innovation projects before the end of 2026.
Management said its future projects could incorporate a combination of rapid deployment, greater scale and hybrid structures designed to support grid expansion. Williams is focusing on locations within its footprint and in areas where infrastructure development can be advanced more readily, Zamarin said.
Blackstone Partnership Provides Capital Capacity Williams established a Power Innovation financing joint venture with Blackstone that provides $5.34 billion of committed capital. The arrangement includes $4.4 billion for 49% of expected total growth capital expenditures and more than $900 million of additional consideration to Williams, Porter said.
Porter said the capital carries a capped 6.35% cost of equity while allowing Williams to retain operatorship, key decision-making authority and upside participation in the platform. The partnership also includes a buyout option beginning in 2033 at the remaining partner investment balance.
According to Porter, the additional consideration improves the ratio of cash flow Williams expects from its five current Power Innovation projects to invested capital by about 56% over the primary contract terms. The calculation excludes potential additional upside during and after those terms.
Williams expects year-end leverage of about 3.9 times debt to EBITDA, based on an assumed three months of Momentum contribution. On a full-year run-rate basis, Porter said leverage would be about 3.75 times, leaving more than $2 billion of incremental capacity under the company’s internal 4-times leverage ceiling for additional near-term Power Innovation projects.
Momentum Acquisition Expands Haynesville Position Williams announced the $5.5 billion acquisition of Momentum Midstream, funded with $3.5 billion in cash and debt and $2 billion of equity. Zamarin described the transaction as an accretive bolt-on acquisition with an approximate 8.5-times multiple based on consolidated EBITDA. He said the multiple is about nine times when considering the effect of noncontrolling interests.
The deal adds roughly 6 billion cubic feet per day of gathering capacity and more than 4 Bcf per day of take-or-pay pipeline capacity in East Texas and Louisiana, including the growing Shelby Trough area of the western Haynesville. Williams said the acquisition complements its Haynesville Gathering operations, Louisiana Energy Gateway pipeline and Transco Gulf Coast system.
Management did not quantify anticipated operating or cost synergies, but Zamarin said the overlapping asset footprints should create operational benefits. He also pointed to growth opportunities from existing dedicated customers, new customers and expansion projects.
Williams announced two projects alongside the acquisition:
Shelby Connector: An expansion linking Momentum’s gathering footprint to the Louisiana Energy Gateway system. The project has initial customer commitments of up to 750 million cubic feet per day, is targeted for first-half 2028 service, and could be expanded to 1.5 Bcf per day. Delta Access: A fully contracted pipeline project running from the combined Momentum and Williams systems toward LNG and power customers along the Transco corridor. It is planned with initial capacity of 2.25 Bcf per day, targeted for early 2029 service, and could expand to 3.5 Bcf per day. Zamarin said the projects fit within Williams’ targeted build-return range and are expected to further improve the acquisition multiple over time.
Transmission and Gulf Coast Operations Lead Quarterly Growth Transmission and Gulf EBITDA increased $56 million, or about 6%, from the prior-year quarter, led by 23% growth in the company’s Gulf businesses. Porter attributed that performance to recent Gulf expansion projects, while natural gas storage EBITDA also rose 23%.
Williams also reported growth from Transco and MountainWest Pipeline expansion projects. Northeast gathering and processing EBITDA increased $39 million, or 8%, mainly due to rich-gas areas. The West segment grew $18 million, or about 5%, driven by Haynesville investments including Louisiana Energy Gateway.
Sequent marketing performed modestly better than a year earlier, although Porter noted that the second quarter typically presents lower seasonal opportunities. The company’s other segment declined about $14 million, largely due to the January 2026 divestiture of upstream Haynesville assets.
Williams raised its long-term EBITDA growth target to more than 11% compounded annually through 2030, from its prior target of more than 10%. Porter said the updated target reflects Momentum and newly announced projects, while excluding commercialization of additional power and pipeline opportunities. Management said it remains conservative regarding growth assumptions in certain legacy businesses, including the Northeast segment.
About Williams Companies (NYSE:WMB)Williams Companies, Inc NYSE: WMB is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Key Takeaways Williams Companies posted higher Q2 earnings and revenues year over year despite missing analyst estimates.WMB agreed to buy Momentum Midstream for up to $5.5B to expand its natural gas infrastructure.WMB raised 2026 adjusted EBITDA guidance to $8.3-$8.5B and forecast growth capex of $7.3-$7.9B. The Williams Companies, Inc. (WMB - Free Report) reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments.
The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales.
Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 6% year over year. Cash flow from operations amounted to $1.4 billion, down 5.1% from the corresponding quarter of 2025.
WMB’s Momentum Midstream AcquisitionWilliams Companies has agreed to acquire Momentum Midstream in a deal worth up to $5.5 billion, strengthening its Haynesville footprint and expanding its integrated natural gas infrastructure to meet rising Gulf Coast LNG, power and industrial demand. Momentum adds more than 4,000 miles of pipelines, 6 Bcf/d gathering capacity and key processing assets, with the deal expected to boost AFFO and EPS. Williams Companies also announced the Delta Aces and Shelby Trough Connector expansions, positioning the company to capture growing natural gas demand and enhance basin connectivity.
WMB’s Q2 Segmental AnalysisTransmission, Power & Gulf: The segment reported an adjusted EBITDA of $959 million, up 6.2% from the year-ago quarter’s level. The increase was driven by contributions from projects placed in service, new Gulf volumes and higher storage revenues. However, the figure missed the Zacks Consensus Estimate by 2.5%.
Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $540 million. This represents a 7.8% increase from $501 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $518 million.
West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $359 million, up 5.3% from the prior-year quarter’s level of $341 million. Strong results were fueled by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. However, the figure missed the Zacks Consensus Estimate of $389 million.
Gas & NGL Marketing Services: The segment posted a negative adjusted EBITDA of $1 million, narrowing down from the year-ago negative EBITDA of $15 million, resulting from higher gas marketing margins due to winter storms. The Zacks Consensus Estimate for the same was pegged at a negative $7.27 million.
Other: This segment posted an adjusted EBITDA of $64 million, representing a 17.9% decrease from $78 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $57 million.
WMB’s Costs, Capex & Balance SheetIn the reported quarter, total costs and expenses of $1.9 billion increased by about 2% from the year-ago quarter’s figure.
Total capital expenditure (capex) was $1.8 billion. As of June 30, 2026, this Zacks Rank #3 (Hold) company had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
WMB’s 2026 GuidanceWilliams Companies raised its 2026 guidance and now expects adjusted EBITDA of $8.3-$8.5 billion, with growth capital expenditures projected at $7.3-$7.9 billion. Factoring in the pro forma contribution from the Momentum Midstream acquisition over the past four quarters, the company expects its 2026 leverage ratio to be approximately 3.75x at the midpoint. The growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs.
Important Earnings at a GlanceWhile we have discussed WMB’s second-quarter results in detail, let us take a look at three other key reports in this space.
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion.
As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%.
NOV Inc. (NOV - Free Report) reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment.
The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment.
As of June 30, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2026 adjusted earnings of 11 cents per share, which beat the Zacks Consensus Estimate of 8 cents, driven by outperformance of the Production Enhancement segment. However, the bottom line decreased from the year-ago quarter’s reported figure of 19 cents due to the underperformance of the Reservoir Description segment and increased costs and expenses.
This oilfield service provider reported second-quarter operating revenues of $124.6 million, missing the Zacks Consensus Estimate of $128 million and decreasing from the earlier-year quarter’s reported figure of $130.1 million. This can be attributed to military conflicts in the Middle East and the Russia-Ukraine region, which disrupted energy infrastructure, delaying projects, disrupting crude oil trade and reducing demand for the company's international laboratory services.
As of June 30, 2026, the company had cash and cash equivalents of $22.7 million and long-term debt of $113.9 million. CLB’s debt-to-capitalization was about 29%.
Key Takeaways WMB gains 4,000 pipeline miles, 1M dedicated acres and 6 Bcf/d of gathering capacity.Williams expects Momentum to be accretive, with about 46% of EBITDA from take-or-pay assets.WMB adds Delta Access and Shelby Connector, but returns depend on integration and execution. The Williams Companies, Inc. (WMB - Free Report) is using its planned Momentum Midstream acquisition to deepen its Haynesville exposure and extend its Gulf Coast growth runway. The transaction is valued at up to $5.5 billion.
Williams also raised its 2025-2030 adjusted EBITDA and EPS growth target to more than 11% annually. The investor question is whether Momentum can support that pace without adding too much financial or execution risk.
Image Source: The Williams Companies
WMB Gains a Bigger Haynesville FootprintMomentum adds more than 4,000 miles of pipeline, over 1 million dedicated acres and 6 Bcf/d of gathering capacity. It also brings 4.05 Bcf/d of take-or-pay pipeline capacity across three pipelines.
That scale expands Williams’ position in the Haynesville, where its infrastructure can connect production with Gulf Coast LNG, power and industrial demand. The combination also broadens the company’s exposure to East Texas and Louisiana supply growth.
Williams Adds More Predictable Cash FlowsMomentum’s earnings profile is predominantly fee based, with fixed-fee arrangements and take-or-pay contracts supporting cash-flow visibility. Williams said about 46% of Momentum’s EBITDA comes from take-or-pay assets.
The company expects the transaction to be accretive to both earnings per share and available funds from operations per share. That matters because the acquired cash flows are intended to add growth without relying primarily on commodity-price upside.
WMB Unlocks Two New Pipeline ProjectsDelta Access is a fully contracted 2.25 Bcf/d transmission project along the Transco corridor, with expansion potential to 3.5 Bcf/d. Williams expects the project to enter service in early 2029 and serve LNG and power customers along the Louisiana Gulf Coast.
Shelby Connector will add 750 MMcf/d of initial capacity, expandable to 1.5 Bcf/d, and is expected in service in the second quarter of 2028. The project links the Shelby Trough to Williams’ Louisiana Energy Gateway system and then into Transco.
Image Source: The Williams Companies
Kinder Morgan(KMI - Free Report) is also pursuing natural gas pipeline expansions aimed at serving rising power and LNG demand. Energy Transfer (ET - Free Report) expects to invest $5-$5.5 billion in 2026 growth capital, primarily on projects enhancing its natural gas network.
Williams Still Must Prove the Deal EconomicsWilliams values Momentum at roughly 8.5X projected 2027 EBITDA and expects that multiple to compress as growth and synergies develop. The company has not quantified those synergies, leaving execution as a key part of the return case.
The balance sheet adds another consideration. Debt-to-capitalization stood at 64.7% at the end of the second quarter, while 2026 growth capital spending is expected at $7.3-$7.9 billion. Slower growth, weaker-than-expected synergies or integration problems could reduce the acquisition’s expected returns.
WMB’s Hold Signal Keeps Expectations in CheckMomentum strengthens Williams’ natural gas platform and adds contracted expansion opportunities, but the economics still depend on timely integration, project execution and disciplined capital deployment. The higher long-term growth target raises the bar for delivery through 2030.
WMB currently carries a Zacks Rank #3 (Hold), with a Value Score of D, Growth Score of D, Momentum Score of D and VGM Score of F. Those scores indicate weaker characteristics across the individual styles and the combined VGM framework, while the Hold rank keeps the near-term stance balanced rather than signaling a high-conviction buy.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
The Williams Companies, Inc. (WMB) Q2 2026 Earnings Call August 4, 2026 9:30 AM EDT
Company Participants
Caroline Sardella
Chad Zamarin - CEO, President & Director
John Porter - Executive VP & CFO
Larry Larsen - Executive VP & COO
Robert Wingo - Executive Vice President of Corporate Strategic Development
Conference Call Participants
Praneeth Satish - Wells Fargo Securities, LLC, Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Ameet Thakkar - BMO Capital Markets Equity Research
John Mackay - Goldman Sachs Group, Inc., Research Division
Jason Gabelman - TD Cowen, Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Gabe Daoud - Truist Securities, Inc., Research Division
Robert Catellier - CIBC Capital Markets, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Presentation
Operator
Good day, everyone, and welcome to the Williams Second Quarter 2026 Earnings Conference Call. Today's conference is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to Mrs. Caroline Sardella, Director of Investor Relations. Please go ahead.
Caroline Sardella
Thank you, and good morning, everyone. Thank you for joining us and for your interest in Williams. Yesterday afternoon, we released our earnings press release and the presentation that our President and CEO, Chad Zamarin; and our Chief Financial Officer, John Porter will speak to you this morning. Also joining us on the call today are Larry Larsen, our Chief Operating Officer; and Rob Wingo, our Executive Vice President of Corporate Strategic Development.
In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks, so please review it. Also included in the presentation materials are non-GAAP measures that we reconciled with generally accepted accounting principles. These reconciliation schedules appear at the back of today's presentation materials.
Williams Companies, Inc. (The) (WMB - Free Report) came out with quarterly earnings of $0.5 per share, missing the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.85%. A quarter ago, it was expected that this pipeline operator would post earnings of $0.65 per share when it actually produced earnings of $0.73, delivering a surprise of +12.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
The Williams Companies, which belongs to the Zacks Oil and Gas - Production and Pipelines industry, posted revenues of $3.05 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1%. This compares to year-ago revenues of $2.78 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
The Williams Companies shares have added about 19% since the beginning of the year versus the S&P 500's gain of 9.4%.
What's Next for The Williams Companies?While The Williams Companies has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for The Williams Companies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.56 on $3.19 billion in revenues for the coming quarter and $2.35 on $12.82 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production and Pipelines is currently in the bottom 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
South Bow Corporation (SOBO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +7.1%. The consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level.
South Bow Corporation's revenues are expected to be $516.13 million, down 1.5% from the year-ago quarter.
For the quarter ended June 2026, Williams Companies, Inc. (The) (WMB - Free Report) reported revenue of $3.05 billion, up 9.8% over the same period last year. EPS came in at $0.50, compared to $0.46 in the year-ago quarter.
The reported revenue represents a surprise of -1% over the Zacks Consensus Estimate of $3.08 billion. With the consensus EPS estimate being $0.52, the EPS surprise was -3.85%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how The Williams Companies performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Northeast G&P - Gathering volumes: 4.16 Bcf/D compared to the 4.14 Bcf/D average estimate based on two analysts.West - NGL equity sales: 14 millions of barrels of oil versus 7.3 millions of barrels of oil estimated by two analysts on average.West - Gathering volumes: 6.03 Bcf/D versus 6.37 Bcf/D estimated by two analysts on average.Adjusted EBITDA- Other: $64 million versus $56.69 million estimated by three analysts on average.Adjusted EBITDA- Northeast G&P: $540 million versus $518.1 million estimated by three analysts on average.Adjusted EBITDA- Transmission, Power & Gulf: $959 million versus the three-analyst average estimate of $983.96 million.Adjusted EBITDA- Gas & NGL Marketing Services: $-1 million versus $-7.27 million estimated by three analysts on average.Adjusted EBITDA- West: $359 million versus $389.27 million estimated by three analysts on average.Modified EBITDA- Transmission, Power & Gulf: $959 million compared to the $993.94 million average estimate based on two analysts.Modified EBITDA- West: $359 million versus $382.41 million estimated by two analysts on average.Modified EBITDA- Northeast G&P: $540 million compared to the $522.65 million average estimate based on two analysts.View all Key Company Metrics for The Williams Companies here>>>
Shares of The Williams Companies have returned -2.2% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Pipeline company Williams said on Monday it would buy Momentum Midstream, as it bets on growing demand from LNG export facilities, power generation and industrial users along the U.S. Gulf Coast.
SAN ANTONIO--(BUSINESS WIRE)-- EnCap Flatrock Midstream (“EnCap Flatrock”) today announced the execution of definitive agreements to sell Momentum Midstream (“Momentum,” “M6,” or the “Company”), a leading independent midstream energy company of which EnCap Flatrock is a financial sponsor, to The Williams Companies, Inc. (“Williams”) (NYSE: WMB) for up to $5.5 billion.
The transaction is subject to regulatory approval and customary closing conditions. Transaction consideration consists of $3.5 billion in cash and debt consideration and roughly $2.0 billion of Williams equity.
Headquartered in Houston, M6 operates a premier, large-scale natural gas system representing the next generation of Gulf Coast infrastructure. The Company’s assets include over 4,000 miles of gathering and transmission pipelines supported by more than 1 million dedicated acres delivering critically important natural gas to key Gulf Coast regions including the Bethel, Carthage and Silsbee hubs in east Texas and the Gillis hub in southwest Louisiana. M6’s assets provide approximately 6 Bcf/d of system capacity to over 140 customers including 34 industrial end-users, 26 power plants, 16 city gates and 10 LNG facilities.
In September 2022, M6 completed the acquisition of two natural gas gathering and transmission assets, both in the Haynesville Shale. The Company also announced final investment decision (“FID”) on its New Generation Gas Gathering (“NG3”) project, which spans 255 miles providing 1.75 Bcf/d of gas deliverability to Gillis, Louisiana, an aggregation and dispatch hub for U.S. LNG demand. NG3 also includes a state-of-the-art carbon capture and sequestration program, the first of its kind, capable of handling up to 1.8 million tons per annum of CO2. In April 2025, M6 closed on its acquisition of Clearfork Midstream, completing the Company’s transformation into a leading wellhead-to-market natural gas midstream platform located in the epicenter of U.S. natural gas demand growth.
“In 2022, we set out with a strategy to build a premier natural gas gathering and transmission system to serve growing demand along the Gulf Coast, and because of the efforts of our incredible team, we’ve done just that,” said Momentum Chief Executive Officer Frank Tsuru. “This sale validates our thesis that demand for U.S. hydrocarbons domestically and abroad will continue to grow and assets like what we’ve built at M6 are critical to meet that need.”
“The sale of M6 is one of the most significant private midstream transactions in the U.S., producing strong results for our investors,” said EnCap Flatrock Founder Billy Lemmons. “This would not have been possible without the talented and professional team at Momentum. From Momentum’s executive leadership to their field personnel, their execution of the commercialization, buildout and safe operation of such a sizeable gas gathering and transmission complex was an incredible accomplishment.”
Advisors
Barclays and Jefferies LLC served as exclusive financial advisors to M6, and Kirkland & Ellis served as legal counsel to M6. Willkie Farr & Gallagher LLP acted as legal counsel to EnCap Flatrock.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with an office in Houston, the firm has raised five institutional investment funds totaling nearly $10 billion from a broad group of prestigious investors. EnCap Flatrock Midstream is currently making commitments to new management teams from its latest flagship fund, EFM V. For more information, please visit efmidstream.com.
BankChampaign National Association purchased a new position in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,335 shares of the pipeline company’s stock, valued at approximately $898,000.
Other institutional investors have also recently made changes to their positions in the company. Mill Creek Capital Advisors LLC grew its holdings in shares of Williams Companies by 2.4% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 6,000 shares of the pipeline company’s stock valued at $361,000 after purchasing an additional 141 shares in the last quarter. UMB Bank n.a. grew its holdings in Williams Companies by 1.0% during the 4th quarter. UMB Bank n.a. now owns 15,309 shares of the pipeline company’s stock valued at $920,000 after purchasing an additional 148 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Williams Companies by 1.2% in the fourth quarter. Parallel Advisors LLC now owns 12,646 shares of the pipeline company’s stock worth $760,000 after buying an additional 149 shares during the period. Great Diamond Partners LLC increased its stake in Williams Companies by 0.4% in the fourth quarter. Great Diamond Partners LLC now owns 34,870 shares of the pipeline company’s stock worth $2,096,000 after purchasing an additional 150 shares during the period. Finally, First Horizon Corp increased its position in shares of Williams Companies by 3.7% during the first quarter. First Horizon Corp now owns 4,220 shares of the pipeline company’s stock worth $307,000 after acquiring an additional 150 shares during the period. Hedge funds and other institutional investors own 86.44% of the company’s stock.
Williams Companies Stock Performance WMB opened at $70.97 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.76 and a debt-to-equity ratio of 1.99. The firm’s 50-day moving average price is $73.58 and its 200 day moving average price is $72.17. The firm has a market capitalization of $86.70 billion, a PE ratio of 31.13, a PEG ratio of 1.64 and a beta of 0.57. Williams Companies, Inc. has a twelve month low of $55.82 and a twelve month high of $80.07.
Williams Companies (NYSE:WMB – Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The pipeline company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Williams Companies had a return on equity of 18.34% and a net margin of 23.39%.The firm had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter last year, the business posted $0.60 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. Williams Companies has set its FY 2026 guidance at 2.200-2.380 EPS. As a group, sell-side analysts expect that Williams Companies, Inc. will post 2.45 EPS for the current fiscal year.
Williams Companies Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.525 per share. The ex-dividend date is Friday, September 11th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 3.0%. Williams Companies’s dividend payout ratio (DPR) is currently 92.11%.
Insiders Place Their Bets In other news, SVP Glen G. Jasek sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $78.15, for a total value of $195,375.00. Following the transaction, the senior vice president directly owned 54,101 shares in the company, valued at approximately $4,227,993.15. This represents a 4.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Larry C. Larsen sold 12,000 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $76.48, for a total value of $917,760.00. Following the transaction, the chief operating officer owned 98,219 shares in the company, valued at $7,511,789.12. This trade represents a 10.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,500 shares of company stock worth $5,029,955 in the last three months. 0.47% of the stock is owned by insiders.
Wall Street Analyst Weigh In Several brokerages recently issued reports on WMB. Morgan Stanley lifted their price objective on shares of Williams Companies from $98.00 to $99.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Wolfe Research raised shares of Williams Companies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. boosted their price objective on Williams Companies from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Royal Bank Of Canada boosted their target price on shares of Williams Companies from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce increased their price target on Williams Companies from $83.00 to $85.00 and gave the stock an “outperformer” rating in a research report on Tuesday, May 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Williams Companies has a consensus rating of “Buy” and a consensus price target of $83.56.
Check Out Our Latest Report on Williams Companies
Key Stories Impacting Williams Companies Here are the key news stories impacting Williams Companies this week:
Positive Sentiment: Dividend supports income appeal: Williams declared a quarterly dividend of $0.525 per share, equivalent to approximately $2.10 annually and a yield near 3%. The dividend is payable September 28 to shareholders of record September 11. Williams Companies dividend announcement Positive Sentiment: Analyst price target remains above the market: Analysts set an average price target of $83.56, implying potential upside and signaling continued confidence in the pipeline operator’s earnings and cash-flow profile. Analysts set Williams Companies price target Positive Sentiment: Energy infrastructure demand and sustainability progress: Williams’ 2025 Sustainability Report highlighted improvements in environmental, safety and operational metrics. Management also pointed to rapidly rising energy demand, which could support long-term utilization of the company’s natural-gas pipeline infrastructure. Williams sustainability report Neutral Sentiment: Second-quarter expectations remain the key near-term catalyst: Wall Street projections focus on revenue, earnings and operating metrics for the quarter ended June 2026. The reports provide estimates but no reported results, leaving the upcoming earnings release as the main test of whether demand growth is translating into financial performance. Williams Q2 Wall Street projections Negative Sentiment: Estimates were trimmed: US Capital Advisors lowered its EPS forecasts for the third quarter of 2026, first and second quarters of 2027, and fiscal 2028. The FY2028 estimate fell to $2.86 from $2.89, a modest reduction that nevertheless signals slightly softer expected earnings growth. Williams Companies analyst estimates Negative Sentiment: Defensive options activity increased: Investors purchased 17,796 put options, 86% above average volume. While this may represent hedging rather than outright bearish positioning, it indicates heightened near-term caution around WMB. Williams Companies Company Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today released its 2025 Sustainability Report, highlighting its environmental, safety and operational performance amid rapidly growing demand for energy infrastructure to help power the next-generation economy. An electronic version of the report is available at www.williams.com/sustainability. “Rising energy demand requires solutions that are affordable and reliable, while also ready now and fit for a sustainable future,” said Chad Zamarin, W.
Williams (NYSE: WMB) today released its 2025 Sustainability Report, highlighting its environmental, safety and operational performance amid rapidly growing dema
The upcoming report from Williams Companies, Inc. (The) (WMB - Free Report) is expected to reveal quarterly earnings of $0.52 per share, indicating an increase of 13% compared to the year-ago period. Analysts forecast revenues of $3.08 billion, representing an increase of 10.9% year over year.
The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Given this perspective, it's time to examine the average forecasts of specific The Williams Companies metrics that are routinely monitored and predicted by Wall Street analysts.
The combined assessment of analysts suggests that 'Northeast G&P - Gathering volumes' will likely reach 4 billions of cubic feet per day. The estimate compares to the year-ago value of 4 billions of cubic feet per day.
Based on the collective assessment of analysts, 'West - NGL equity sales' should arrive at 7.30 thousands of barrels of oil per day. The estimate compares to the year-ago value of 8.00 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'West - Gathering volumes' should come in at 6 billions of cubic feet per day. The estimate compares to the year-ago value of 6 billions of cubic feet per day.
Analysts expect 'Adjusted EBITDA- Other' to come in at $56.69 million. Compared to the present estimate, the company reported $78.00 million in the same quarter last year.
Analysts forecast 'Adjusted EBITDA- Northeast G&P' to reach $518.10 million. Compared to the present estimate, the company reported $501.00 million in the same quarter last year.
The collective assessment of analysts points to an estimated 'Adjusted EBITDA- Transmission, Power & Gulf' of $983.96 million. Compared to the present estimate, the company reported $903.00 million in the same quarter last year.
It is projected by analysts that the 'Adjusted EBITDA- West' will reach $389.27 million. Compared to the present estimate, the company reported $341.00 million in the same quarter last year.
Analysts' assessment points toward 'Modified EBITDA- Transmission, Power & Gulf' reaching $993.94 million. Compared to the current estimate, the company reported $891.00 million in the same quarter of the previous year.
The average prediction of analysts places 'Modified EBITDA- West' at $382.41 million. Compared to the present estimate, the company reported $341.00 million in the same quarter last year.
The consensus among analysts is that 'Modified EBITDA- Northeast G&P' will reach $522.65 million. Compared to the present estimate, the company reported $501.00 million in the same quarter last year.
View all Key Company Metrics for The Williams Companies here>>>
Over the past month, shares of The Williams Companies have returned -3.6% versus the Zacks S&P 500 composite's -1.5% change. Currently, WMB carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
TULSA, Okla.--(BUSINESS WIRE)--Williams' (NYSE: WMB) board of directors has approved a regular dividend of $0.525 per share, or $2.10 annualized, on the company's common stock, payable on Sept. 28, 2026, to holders of record at the close of business on Sept. 11, 2026.
Wall Street expects a year-over-year increase in earnings on higher revenues when Williams Companies, Inc. (The) (WMB - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on August 3, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis pipeline operator is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +13%.
Revenues are expected to be $3.08 billion, up 10.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.88% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for The Williams Companies?For The Williams Companies, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +7.95%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that The Williams Companies will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that The Williams Companies would post earnings of $0.65 per share when it actually produced earnings of $0.73, delivering a surprise of +12.31%.
Over the last four quarters, the company has beaten consensus EPS estimates just once.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
The Williams Companies appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsEnbridge (ENB - Free Report) , another stock in the Zacks Oil and Gas - Production and Pipelines industry, is expected to report earnings per share of $0.43 for the quarter ended June 2026. This estimate points to a year-over-year change of -8.5%. Revenues for the quarter are expected to be $10.85 billion, up 0.9% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Enbridge has been revised 2.5% down to the current level. Nevertheless, the company now has an Earnings ESP of -0.59%, reflecting a lower Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Enbridge will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
First Trust Advisors LP raised its stake in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) by 1.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 974,156 shares of the pipeline company’s stock after buying an additional 14,150 shares during the quarter. First Trust Advisors LP owned about 0.08% of Williams Companies worth $70,899,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Towne Trust Company N.A raised its holdings in shares of Williams Companies by 60.2% during the fourth quarter. Towne Trust Company N.A now owns 431 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 162 shares during the period. Main Street Group LTD acquired a new position in Williams Companies in the 1st quarter worth $26,000. Motiv8 Investments LLC bought a new position in Williams Companies during the 4th quarter worth about $27,000. Clearstead Trust LLC raised its stake in shares of Williams Companies by 62.2% in the 4th quarter. Clearstead Trust LLC now owns 485 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 186 shares during the period. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Williams Companies during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 86.44% of the company’s stock.
Analyst Ratings Changes A number of equities research analysts recently issued reports on the company. TD Cowen lifted their target price on Williams Companies from $81.00 to $87.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Citigroup upped their price target on Williams Companies from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group decreased their price target on shares of Williams Companies from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Barclays lifted their price objective on shares of Williams Companies from $73.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of Williams Companies from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Williams Companies has an average rating of “Buy” and a consensus target price of $83.56.
Read Our Latest Research Report on WMB
Insider Buying and Selling In related news, SVP Glen G. Jasek sold 2,500 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $78.15, for a total value of $195,375.00. Following the completion of the transaction, the senior vice president directly owned 54,101 shares of the company’s stock, valued at approximately $4,227,993.15. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Terrance Lane Wilson sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $74.16, for a total transaction of $148,320.00. Following the transaction, the senior vice president owned 283,159 shares in the company, valued at approximately $20,999,071.44. The trade was a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 68,500 shares of company stock worth $5,182,655. 0.47% of the stock is owned by corporate insiders.
Williams Companies Price Performance NYSE:WMB opened at $73.96 on Friday. Williams Companies, Inc. has a 52-week low of $55.82 and a 52-week high of $80.07. The company has a market cap of $90.34 billion, a P/E ratio of 32.44, a P/E/G ratio of 1.74 and a beta of 0.57. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.76 and a current ratio of 0.83. The stock’s 50-day simple moving average is $74.19 and its 200 day simple moving average is $71.81.
Williams Companies (NYSE:WMB – Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The pipeline company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.63 by $0.10. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.28 billion. Williams Companies had a return on equity of 18.34% and a net margin of 23.39%.The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 earnings per share. Williams Companies has set its FY 2026 guidance at 2.200-2.380 EPS. As a group, sell-side analysts forecast that Williams Companies, Inc. will post 2.45 EPS for the current fiscal year.
Williams Companies Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Friday, June 12th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, June 12th. Williams Companies’s dividend payout ratio is presently 92.11%.
Williams Companies Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Acumen Wealth Advisors LLC raised its position in shares of Williams Companies, Inc. (The) (NYSE: WMB) by 622.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,378 shares of the pipeline company's stock after acquiring an additional 9,804 shares
Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.
When we join a positive earnings ESP with a Zacks Rank #3 (Hold) or stronger, stocks posted a positive bottom-line surprise 70% of the time. Plus, this system saw investors produce roughly 28% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider Williams Companies, Inc. (The)?The final step today is to look at a stock that meets our ESP qualifications. Williams Companies, Inc. (The) (WMB - Free Report) earns a #3 (Hold) 19 days from its next quarterly earnings release on August 3, 2026, and its Most Accurate Estimate comes in at $0.56 a share.
Williams Companies, Inc. (The)'s Earnings ESP sits at +7.25%, which, as explained above, is calculated by taking the percentage difference between the $0.56 Most Accurate Estimate and the Zacks Consensus Estimate of $0.52. WMB is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
WMB is just one of a large group of Oils and Energy stocks with a positive ESP figure. BP (BP - Free Report) is another qualifying stock you may want to consider.
BP, which is readying to report earnings on August 4, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $1.34 a share, and BP is 20 days out from its next earnings report.
BP's Earnings ESP figure currently stands at +3.48% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.30.
WMB and BP's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Key Takeaways Williams signed a $5.34B Blackstone-led deal for a 49% stake in five Power Innovation projects.WMB retains 51% ownership and control while reducing capital needs and preserving balance sheet flexibility.WMB reaffirmed 2026 guidance and expects to leverage the midpoint to improve to about 3.6x after the deal. Williams Companies, Inc. (WMB - Free Report) has announced a landmark $5.34 billion investment agreement led by Blackstone Credit & Insurance, with additional participation from Apollo and insurance vehicles and accounts managed by KKR. The strategic partnership represents one of the most significant capital commitments supporting behind-the-meter energy infrastructure in recent years, reinforcing Williams’ leadership in delivering reliable natural gas-powered energy solutions for rapidly growing electricity demand across the United States.
The transaction highlights growing institutional confidence in Williams' expanding Power Innovation platform, which combines natural gas infrastructure, power generation expertise and long-term project execution capabilities to support industrial facilities, data centers and AI-driven energy requirements.
Williams Strengthens Its Power Innovation BusinessWilliams has structured the agreement to accelerate development across its five announced Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo. These projects collectively represent a major step toward meeting America's increasing demand for dependable, dispatchable power.
Under the agreement, Blackstone and its investment partners will acquire a 49% noncontrolling equity interest in these five projects while WMB retains a 51% ownership stake along with complete commercial and operational control. This ownership structure allows WMB to continue directing project execution while benefiting from substantial external capital to fund future expansion.
The investment package includes $4.4 billion, representing 49% of expected total growth capital expenditures, along with approximately $900 million in additional consideration paid to Williams. Cash distributions will follow the ownership split, with Williams receiving 51% and Blackstone-led investors receiving 49%.
Importantly, Williams also negotiated a buyout option between years seven and 14, enabling it to repurchase the investor stake based on the outstanding investment balance. This preserves significant long-term value creation opportunities while reducing near-term financing requirements.
Power Innovation Projects Position WMB for Long-Term GrowthWilliams continues expanding its Power Innovation platform, which has already announced more than 2.6 gigawatts (“GW”) of capacity while advancing a development backlog exceeding 6 GW.
These behind-the-meter energy projects are specifically designed to provide reliable power directly to customers, reducing dependence on increasingly constrained electric grids. As demand accelerates from artificial intelligence (“AI”) infrastructure, advanced manufacturing, industrial operations and large-scale computing facilities, behind-the-meter power generation has become a critical component of America's evolving energy landscape.
Williams' integrated business model provides a competitive advantage by combining every major component of the natural gas value chain, including production connectivity, transportation infrastructure, storage capabilities, power generation development and long-term operational expertise.
With more than 100 years of experience executing large-scale infrastructure projects, Williams offers customers a turnkey energy solution that few competitors can match.
Financial Benefits Improve Williams' Capital StructureBeyond supporting project development, the agreement significantly strengthens Williams' financial position.
By bringing in institutional equity partners, Williams reduces its direct capital exposure while limiting the need for additional corporate debt financing. The Blackstone investment will be reflected as a noncontrolling interest within Williams' financial reporting, preserving its balance sheet flexibility.
This structure enhances project-level returns while allowing Williams to continue pursuing additional high-value infrastructure opportunities. It also supports management's long-term leverage objective of maintaining debt within a 3.5x to 4x adjusted EBITDA range.
The transaction provides an efficient funding mechanism that balances shareholder value creation with prudent financial discipline, positioning Williams to capitalize on expanding opportunities across the North American energy sector.
Williams Reaffirms 2026 Financial GuidanceAlongside announcing the investment agreement, Williams reaffirmed the previously issued 2026 financial guidance, reflecting continued confidence in its operating performance and growth trajectory.
The company expects adjusted EBITDA to remain within the upper half of its previously announced range of $8.05 billion to $8.35 billion.
Williams also continues estimating growth capital expenditures between $7 billion and $7.6 billion, while maintenance capital expenditures are expected to be in the range of $850 million to $950 million.
Following the transaction, the company's projected 2026 leverage ratio midpoint has improved to approximately 3.6x, reflecting the positive impact of the Blackstone-led investment on Williams' capital structure.
All other per-share financial guidance remains unchanged, demonstrating management's confidence in ongoing business performance.
Growing Demand for AI Infrastructure Supports Williams' ExpansionAI is becoming one of the largest drivers of electricity demand across North America. Massive data centers require continuous, high-capacity power supplies that traditional electric grids often struggle to deliver within required timelines.
Williams' Power Innovation platform directly addresses this challenge by developing behind-the-meter energy facilities capable of providing reliable, dedicated electricity to large commercial customers.
Natural gas continues to play a central role in ensuring grid reliability while supporting renewable energy integration. Williams' existing pipeline network and infrastructure assets create significant advantages in delivering fuel supply directly to these new generation facilities.
As AI adoption accelerates and industrial electrification expands, demand for dependable energy infrastructure is expected to remain strong for years to come, creating substantial growth opportunities for companies with integrated natural gas and power generation capabilities.
WMB Positions for the Next Phase of Energy Infrastructure DevelopmentThe Blackstone-led investment represents more than a financing transaction — it marks a strategic milestone in Williams' evolution as a leading developer of integrated energy infrastructure.
Retaining majority ownership and operational control while securing billions of dollars in committed growth capital enables Williams to accelerate project execution without placing excessive pressure on its balance sheet.
With institutional support from Blackstone, Apollo and KKR, Williams is well positioned to expand the growing Power Innovation portfolio, capitalize on rising electricity demand and strengthen its role in delivering reliable energy solutions for AI infrastructure, industrial development and the broader U.S. economy.
As energy consumption continues rising alongside technological innovation, Williams' combination of financial flexibility, infrastructure expertise and integrated natural gas capabilities establishes it as a key participant in the next generation of American energy investment.
WMB's Zacks Rank & Key PicksCurrently, WMB has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) , Paramount Resources (PRMRF - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Cenovus Energy (CVE - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific is valued at 3.3 billion. It is an energy company that owns and operates refining, logistics and retail assets. Par Pacific operates across Hawaii, the Pacific Northwest and the Rocky Mountain region.
Paramount Resources is valued at $2.9 billion. It is a Canadian energy producer focused on the exploration, development and production of natural gas, crude oil and natural gas liquids. Paramount Resources operates in Western Canada.
Cenovus Energy is valued at $49.12 billion. It is an integrated Canadian energy company engaged in oil sands production, conventional oil and natural gas development, refining and downstream operations. Cenovus Energy operates across North America.
Energy prices are much higher in 2026. That’s good news for some investors. The Vanguard Energy ETF (VDE 1.36%) and Global X - MLP & Energy Infrastructure ETF (MLPX 0.69%) offer different ways to play the energy cycle, with VDE tracking diversified giants and MLPX focusing on midstream assets.
Both funds capitalize on recent energy sector momentum but approach the industry from different angles. This analysis compares the broad, equity-focused strategy of the Vanguard fund against the infrastructure-centric portfolio of the Global X fund to help you determine which fits your investment goals.
Snapshot (cost & size)MetricMLPXVDEIssuerGlobal XVanguardShare price$75.66 (as of 2026-07-08)$156.94 (as of 2026-07-08)Expense ratio0.45%0.09%1-yr return (as of 2026-07-08)29.80%30.10%Dividend yield4.00%2.70%Beta0.580.44AUM$3.5 billion$11.8 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
With an expense ratio of 0.09%, Vanguard Energy ETF is more affordable than Global X - MLP & Energy Infrastructure ETF, which charges 0.45%. However, the Global X fund offers a higher dividend payout.
Performance & risk comparisonMetricMLPXVDEMax drawdown (5 yr)(19.70%)(26.60%)Growth of $1,000 over 5 years (total return)$2,671.00$2,511.00What's insideVanguard Energy ETF focuses on the broad U.S. energy sector, including oil, gas, and consumable fuels, with approximately 99.5% energy exposure. Its largest positions include ExxonMobil Corp (XOM 2.70%) at 21.7%, Chevron Corp (CVX 1.09%) at 14.1%, and ConocoPhillips (COP 2.44%) at 5.8%. The fund maintains 111 holdings in total. It was launched in 2004. Vanguard Energy ETF has paid $4.03 per share over the trailing 12 months, which on its recent ~$156.94 share price works out to a 2.70% yield.
Global X - MLP & Energy Infrastructure ETF targets midstream infrastructure, specifically master limited partnerships and corporations, with 99% energy exposure. Its largest holdings include TC Energy (TRP 1.48%) at 9.1%, Enbridge (ENB 0.87%) at 8.9%, and The Williams Companies (WMB +0.29%) at 8.9%. The fund consists of 29 holdings. It was launched in 2013. Global X - MLP & Energy Infrastructure ETF has paid $3.04 per share over the trailing 12 months, which on its recent ~$75.66 share price works out to a 4.00% yield.
Which fund is the better buy?The Global X - MLP & Energy Infrastructure ETF — MLPX — focuses on the midstream portion of the energy business. Midstream businesses like pipelines tend to be less volatile because they are the least exposed to energy price fluctuations. Unlike traditional MLP funds, MLPX avoids fund-level taxes by limiting direct MLP exposure and investing in similar entities, such as the general partners of MLPs and other energy infrastructure corporations. That’s a plus for investors, since funds that hold MLPs can incur additional taxes for investors, even if they are simpler than directly investing in MLP stocks.
The Vanguard Energy ETF — VDE — invests in straightforward equities rather than MLPs, so it accesses a different segment of the energy business, primarily producers and retailers.
The Vanguard fund has had a better 52-week performance, reflecting the greater volatility in oil and gas producers and retailers, who respond much more readily to commodity price changes. Midstream energy businesses are more insulated from oil and gas price shocks because the fuels need to be transported regardless of price. But over time, the Global X fund shows its chops. MLPX has returned 27.1%, 21.2%, and 12% over the 3-year, 5-year, and 10-year periods. VDE has returned 13.4%, 18.7%, and 8.4% over the 3-, 5-, and 10-year lookbacks, respectively.
While MLPX has a higher expense ratio, its long-term performance is superior to VDE’s. For those looking to capitalize on higher energy prices in 2026, MLPX is the ETF to buy.
For more guidance on ETF investing, check out the full guide at this link.
A Look at Williams Companies Inc (WMB) After 3.1% Gain -- GF Value $60.81 vs Price $75.08
On July 07, 2026, Williams Companies Inc WMB shares rose 3.1% today, closing at $75.08. The stock has shown a 52-week range of $55.82 to $80.08, reflecting a solid year-to-date performance of 26.7% and a one-year increase of 32.5%.
GF Value™ verdict: Current price of $75.08 is 23.5% above the GF Value™ estimate of $60.81.GF Score™: 79/100, indicating above-average potential for long-term returns.Notable signal: Insiders have sold $5.3 million worth of shares in the last 3 months, with no buying activity reported. Is WMB Overvalued or Undervalued? According to the GF Value™, Williams Companies Inc WMB is currently overvalued, with its market price exceeding the calculated intrinsic value by 23.5%. The GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current price of $75.08, compared to the GF Value™ of $60.81, indicates a potential risk for investors, as purchasing at these levels may not provide adequate margin of safety.
The GF Valuation label categorizes WMB as Modestly Overvalued, suggesting that while there may be some growth prospects, the stock's current valuation does not align favorably with its intrinsic worth. This overvaluation may present risks, particularly in a market environment where corrections can occur swiftly.
How Does WMB's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 32.9x 24.8x Forward P/E 32.3x N/A The current P/E ratio of 32.9x is significantly above its 5-year median P/E of 24.8x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis agrees with the GF Value™ verdict, reinforcing the notion that WMB is overvalued at its current price level.
What Does WMB's GF Score™ Tell Us? Metric Rating GF Score™ 79 Financial Strength 3/10 Profitability 7/10 Growth 8/10 Valuation 6/10 Momentum 6/10 The overall GF Score™ of 79/100 suggests that WMB holds above-average potential for long-term returns. However, the financial strength rating of 3/10 raises concerns, signaling weaknesses in the company's balance sheet. In contrast, the profitability rank of 7/10 and growth rank of 8/10 indicate strong operational performance, reflecting the company's ability to generate profits and expand effectively. The valuation and momentum ranks of 6/10 indicate a balanced but cautious approach to the stock's current price dynamics.
What Are Insiders Doing with WMB Stock? Insider activity for Williams Companies Inc WMB shows a significant trend of selling, with insiders offloading $5.3 million worth of shares in the last three months and no reported buying activity. This pattern may suggest that insiders lack confidence in the stock's near-term prospects or believe the shares are overvalued at current levels. Typically, insider selling can be viewed as a bearish signal, particularly when no buying activity counters it.
What This Means for Investors Based on the GF Value™ assessment, Williams Companies Inc WMB appears to be overvalued at the current price of $75.08, given the intrinsic value estimate of $60.81. Investors may want to consider the risks associated with purchasing shares at this premium valuation level.
For the complete analysis, visit the Williams Companies Inc WMB stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is WMB's GF Score™?
WMB's GF Score™ is 79/100, indicating above-average potential for long-term returns based on various fundamental aspects.
Is WMB overvalued or undervalued?
WMB is currently overvalued, with its market price surpassing the GF Value™ estimate by 23.5%, indicating potential risk for new investors.
What is WMB's P/E ratio?
WMB's P/E ratio is 32.9x, which is significantly higher than its 5-year median P/E of 24.8x, reinforcing the perception of overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced that its Board of Directors has appointed Lloyd W. “Billy” Helms, Jr. and Robb E. Turner as independent directors on the Board, effective July 1, 2026.
Helms brings more than 40 years of energy industry experience, most recently serving as president of EOG Resources, Inc., one of the largest exploration and production companies in the United States. During his career working across multiple divisions at EOG, he held several senior positions of increasing responsibility including chief operating officer from 2017 to 2023.
Turner has more than 35 years of energy operations, corporate finance and public and private equity and debt investment experience. He is chairman of The Madava Group and Revenant Energy and previously co-founded ArcLight Capital Partners, where he helped oversee investment, asset management, strategic planning and operations across the energy sector.
“We are pleased to welcome Billy and Robb to the Williams Board of Directors,” said Stephen W. Bergstrom, chairman of the Williams Board of Directors. “Williams is well positioned to support significant growth underway as demand for clean, reliable and affordable energy continues to increase. As we advance our natural gas-focused strategy, disciplined governance and experienced oversight remain central to our ability to create durable long-term value. Billy’s deep operational and technical experience across the energy sector and Robb’s broad background in energy operations, corporate finance and public and private energy investments will add valuable perspectives to the Board as we continue serving our customers, communities and shareholders.”
With the appointment of Helms and Turner, the Williams Board of Directors consists of 12 members, 11 of whom are independent.
About Billy Helms
Lloyd W. “Billy” Helms, Jr. has more than 40 years of oil and gas industry experience, including more than 15 years in executive leadership roles. He most recently served at EOG Resources, Inc., where he held several senior positions of increasing responsibility, including president from October 2021 to May 2024, chief operating officer from December 2017 to December 2023, executive vice president, exploration and production from August 2013 to December 2017, executive vice president, operations from February 2012 to August 2013, vice president and general manager of the Calgary, Alberta office from March 2008 to February 2012, and vice president, engineering and acquisitions from September 2006 to March 2008. In these roles, Helms led significant operational, technical, engineering and acquisition-related functions across EOG’s business. Helms joined the SM Energy Board of Directors in January 2026 upon the closing of the merger with Civitas Resources, Inc. and served on its Audit Committee. He currently serves as chair of the Operations and EHS Committee and as a member of the Compensation Committee. He previously served as an independent director of Civitas Resources. Helms holds a Bachelor of Science degree in petroleum engineering from Texas Tech University.
About Robb Turner
Robb E. Turner is chairman of The Madava Group, a holding company with interests in private and public energy companies, real estate and consumer food products, and has more than 35 years of energy operations, corporate finance and public and private equity and debt investment experience. He currently serves as chairman of Revenant Energy, an East Texas natural gas upstream company, and previously served as chairman of Crowheart Energy prior to its sale to Williams Companies. Through his Madava family office, Turner has made 15 private energy investments since 2017 across upstream, midstream, natural gas pipelines, terminals and metal trading, successfully exiting 14 of those investments. Prior to Madava, Turner was senior partner and co-founder of ArcLight Capital Partners, a leading power and energy private equity firm, where he helped oversee investment, asset management, strategic planning and operations for ArcLight and its funds. During his career at ArcLight, the firm raised six funds and invested more than $17 billion of private equity across the energy sector. Before co-founding ArcLight in 2001, Turner held senior positions at Wall Street firms advising on buyouts, corporate finance structures, and mergers and acquisitions. Prior to his business career, Turner served as an officer in the United States Army as a combat engineer. Turner earned a Bachelor of Science in engineering from the U.S. Military Academy at West Point and a Master of Business Administration from Harvard Business School.
About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.
Williams Companies (WMB) is reportedly moving closer to one of the largest acquisitions in its history as the natural gas pipeline operator is in advanced talks
CompaniesJune 28 (Reuters) - U.S. pipeline operator Williams (WMB.N), opens new tab is in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg News reported on Sunday, citing people familiar with the matter.
The Tulsa, Oklahoma-based company is putting the finishing touches on an agreement to buy Momentum from private equity firm EnCap Flatrock Midstream, the report said, adding that a deal could be announced in about a week.
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Reuters could not immediately verify the report. Williams Companies, Momentum Midstream and EnCap Flatrock Midstream did not immediately respond to a request for comment.
The deal would give Williams additional capacity to move gas from the Haynesville shale to U.S. Gulf Coast export terminals, the Bloomberg report said.
No final decision has been made and EnCap could still opt to retain the company, according to the report.
Williams is exploring acquiring U.S. natural gas production assets as it looks to secure supplies for its offerings to hyperscalers and data center clients, Reuters reported in February.
Momentum Midstream operates around 4,000 miles (6,437 km) of pipelines, serving more than 140 customers across its network, according to the company website, opens new tab. It also serves 10 liquefied natural gas facilities and 26 power plants.
Reporting by Bipasha Dey in Bengaluru; Editing by Edmund Klamann and Bill Berkrot
Our Standards: The Thomson Reuters Trust Principles., opens new tab
At 65 with $1.4 million, I want income that does not flinch when the Fed pivots. My sovereign income blueprint targets three companies that own physical networks the economy must pay to use: aerospace and defense, interstate natural gas pipelines, and global infrastructure. Here is whether each dividend is actually safe.
The Three-Stock Income Snapshot Company Annual Dividend Yield Streak Note RTX $2.72 1.5% 27+ years of uninterrupted payments Williams $2.025 2.7% 52nd consecutive year of payments Brookfield Infrastructure ~$1.82 base annualized ~4.5% 18 years of consecutive quarterly distributions RTX: Payout Room Wide Open RTX (NYSE:RTX | RTX Price Prediction) raised the quarterly dividend to $0.73 in May. With TTM EPS of $5.33 against a $2.72 dividend, the earnings payout ratio is well covered. FY2025 free cash flow of $7.94 billion dwarfs the dividend, and 2026 guidance calls for $8.25 to $8.75 billion. A $271 billion backlog backs it. CEO Chris Calio told investors RTX “delivered a very strong start to 2026 with organic sales and adjusted operating profit growth across all three segments.” Assessment: Very Safe.
Williams: Coverage Is Strong, Leverage Is Elevated Williams Companies (NYSE:WMB) raised the quarterly payout to $0.525 for 2026, a 5% bump. GAAP EPS of $2.28 against a $2.025 dividend reflects an elevated earnings payout ratio, but midstream operators run on cash. Management guides 2.36x to 2.45x dividend coverage on AFFO of $6.085 to $6.315 billion. The catch: leverage stays near 4.1x while growth capex jumps to $7.0 to $7.6 billion. CEO Chad Zamarin emphasized “delivering for shareholders through our position as the nation’s natural gas infrastructure leader.” Assessment: Safe, watch the debt.
Brookfield Infrastructure: The Streak Speaks, Coverage Data Is Thin Brookfield Infrastructure Partners (NYSE:BIP) has paid quarterly distributions for 18 consecutive years, with the base quarterly rate climbing from $0.265 in 2008 to $0.455 in early 2026. A $0.7656 June payment appears to be a special or elevated distribution consistent with past Q2 patterns ($0.59 in 2016, $0.54 in 2022). Current FFO and leverage disclosures are not available here, so I cannot calculate a payout ratio or verify the yield. The track record is the strongest signal I have. Assessment: Likely Safe, pending FFO verification.
My Verdict: A Sovereign Income Sleeve Dividend Safety Rating: Safe (portfolio level). RTX brings defense backlog and a well-covered payout. Williams brings essential pipeline cash flow with 2x-plus coverage. Brookfield brings a global infrastructure stream with an 18-year record. I would be comfortable funding income off this trio if defense spending and US gas demand stay structurally elevated. I would trim if Williams leverage drifts above 4.5x or BIP cuts its base distribution. For now, the sovereign blueprint holds.
The Williams Companies is upgraded to strong buy, driven by robust project execution and a pivot into behind-the-meter power solutions for data centers. WMB targets a 9% contracted EBITDA CAGR through 2029, outpacing the sector average, with a $7.3B growth CapEx pipeline and long-term revenue visibility. Dividend growth is accelerating, supported by fee-based revenues and strong coverage; projections suggest a potential 4.5% yield by 2029.
The Energy Select Sector SPDR Fund (NYSEARCA:XLE) has had a volatile two months. XLE climbed to $61.29 on May 19 as Brent crude touched $124.61 in early April on the de facto closure of the Strait of Hormuz, then gave back 12% in a month as crude collapsed toward the mid-$80s. The fund is still up 21% year to date, but the round trip tracked oil almost tick for tick, and the next leg depends on whether the geopolitical risk premium stays in the barrel.
The fund in one sentence XLE is a market-cap-weighted basket of S&P 500 energy names offering cheap, liquid exposure to U.S. integrated oils, E&P, refining, and midstream at a 0.08% expense ratio. The catch is concentration. Exxon Mobil (NYSE:XOM | XOM Price Prediction) sits at 23.7% and Chevron (NYSE:CVX) at 17.6%, so two stocks drive 41% of every move. Add ConocoPhillips (NYSE:COP), Williams (NYSE:WMB), and Phillips 66 (NYSE:PSX) and you reach roughly 56% of the fund in five tickers.
The macro factor that matters: where Brent settles by year-end The single variable with the most leverage on XLE over the next 12 months is Brent crude’s path as Strait of Hormuz traffic normalizes. The EIA’s May Short-Term Energy Outlook expects Brent to average around $106 in May and June, then fall to $89 in Q4 2026 and $79 in 2027 as Middle East production returns and global inventories rebuild. Brent has already moved faster than that schedule, printing $93.76 the week of June 12.
The threshold to watch is $80 Brent. Chevron’s Q1 result was built on $81 average Brent; ConocoPhillips realized $50.36 per BOE at that price. A drop into the $70s would compress upstream cash flow across XOM, CVX, and COP simultaneously, which is most of the fund. Check the EIA weekly petroleum status report on Wednesdays and the monthly STEO; whether EIA’s 2027 $79 forecast drifts lower signals risk. The 2014-2016 cycle is the cautionary parallel: a similar OPEC supply normalization took XLE from roughly $100 to under $50.
The fund-specific factor: timing-effect noise versus underlying earnings Q1 reports inside XLE were optically ugly for a reason worth understanding. Exxon booked $3.88 billion in unfavorable mark-to-market timing on unsettled derivatives plus $706 million in Middle East physical losses, dragging headline net income to $4.18 billion even as underlying earnings rose to $8.77 billion. Chevron carried roughly $2.9 billion of similar timing effects, and Phillips 66 absorbed $839 million in derivative hedge losses from a LIFO mismatch as commodity prices rose.
These hedges unwind as physical inventory clears. Q2 earnings, reported in late July and early August, should show meaningful reversal if oil settles where it is now. Watch the segment-level “identified items” tables in each 8-K filing. If timing effects flip positive while production volumes hold, the integrated majors will print numbers that look better than the underlying barrel price would suggest, and XLE’s two largest holdings will carry the fund. If hedges keep generating losses into Q3, the buyback pace at Exxon ($20 billion guided for 2026) and Chevron’s 16-quarter streak of $5 billion-plus returns become the marginal source of support.
A quieter corner worth watching Williams is the holding that does not behave like the rest. WMB is up 23% YTD on natural gas demand from data centers, with over $7 billion of power innovation projects in execution including the $2.3 billion Project Neo. For investors who want the AI power-demand thesis without oil price beta, the Alerian MLP and pure midstream ETFs offer cleaner exposure than XLE.
What to monitor The signal for the next 12 months is Brent’s path toward the EIA’s $79 average for 2027, watched through the monthly STEO and weekly EIA inventory reports. The fund-level tell is whether Q2 and Q3 filings from Exxon and Chevron show the timing-effect drag reversing; if not, 41% of XLE fights an accounting headwind even if the barrel cooperates.
Key Takeaways Enterprise expects global liquid hydrocarbons demand to rise by 1 MMBPD annually over five years.EPD forecasts LPG demand growth of 300 thousand BPD annually from petrochemical and heating needs.EPD's projects through 2027 aim to boost hydrocarbon transport, processing and export capacity. Enterprise Products Partners L.P. (EPD - Free Report) operates an integrated midstream asset network for the transportation and storage of crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The partnership’s midstream assets connect suppliers from some of the largest basins in the United States, Canada and the Gulf of America to various domestic and international markets.
The partnership is expected to benefit from the rising global liquid hydrocarbons demand. EPD expects the demand for liquid hydrocarbons, primarily driven by petrochemical demand, to increase approximately 1 million barrels per day (MMBPD) annually over the next five years. NGLs and naphtha are expected to account for more than 50% of this growth. Additionally, the global demand for liquefied petroleum gas (LPG) is expected to remain strong, driven by petrochemical demand and heating needs in non-OECD countries. Enterprise has forecasted LPG demand to grow by 300 thousand BPD annually, absorbing a greater number of U.S. barrels.
This demand pull creates a favorable business opportunity for Enterprise to capitalize on. The partnership has major capital projects worth $5.3 billion under development, which are expected to be placed into service through 2026 and 2027. These growth projects are aligned with favorable energy market fundamentals, including rising global demand for hydrocarbon liquids and growing Permian Basin production of oil and natural gas.
The Neches River Terminal Phase 2, EHT LPG expansion, Bahia expansion and Permian processing projects increase EPD’s ability to gather, fractionate, transport and export hydrocarbons. This is expected to create sustained demand for EPD’s midstream services, thereby aiding its earnings and cash flows.
KMI and WMB to Benefit From Rising Energy DemandKinder Morgan Inc. (KMI - Free Report) is a leading midstream energy company that operates the largest natural-gas pipeline system in the United States. It has about 58,500 miles of major pipelines, 7,500 miles of gathering lines and more than 700 bcf of gas storage.
The Williams Companies, Inc. (WMB - Free Report) is another leading player in the midstream energy sector that operates a widespread pipeline system of more than 33,000 miles, including the Transco and Northwest Pipeline systems. These pipeline systems are among the largest natural gas transportation networks in the United States.
Rising energy demand in domestic and international markets is expected to support sustained demand for Kinder Morgan and Williams Companies’ midstream services.
EPD’s Price Performance, Valuation & EstimatesEnterprise’s units have jumped 22.6% over the past year compared with the 17.2% improvement of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, EPD trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 11.85X. This is above the broader industry average of 12.17X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EPD’s 2026 earnings has remained unchanged over the past seven days.
Image Source: Zacks Investment Research
EPD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Williams Companies (WMB +1.10%) isn't usually considered a high-growth stock. But over the past five years, the midstream company's stock has more than tripled. If we include its reinvested dividends, it delivered a total return of more than 280%. Let's see why Williams' stock skyrocketed -- and why buying it today could be the best financial decision you ever make.
What sets Williams apart from other midstream companies? Williams operates more than 33,000 miles of pipeline in the United States. Like other midstream companies, the company is well insulated from volatile commodity prices because it simply charges upstream and downstream companies "tolls" for using its infrastructure.
Image source: Getty Images.
But unlike many other midstream companies, which transport natural gas, crude oil, and other products through their pipelines, Williams primarily handles natural gas through its Transco pipeline system -- which runs from Texas to the Eastern Seaboard.
That natural gas "superhighway" transports roughly 30% of the country's natural gas production. The construction of new AI-oriented data centers, coal-to-gas conversion facilities, and reshored manufacturing facilities -- as well as population growth in the Southeast states and rising liquefied natural gas (LNG) exports -- have all been driving more gas through its pipelines.
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Williams also builds "behind the meter" (BTM) sites at data centers to provide hyperscalers with a stable flow of natural gas while bypassing traditional utilities. That approach makes it more of a play on the booming AI, cloud, and data center markets than many of its midstream peers.
That's why its year-end backlog rose from $11.8 billion in 2024 to $15.5 billion in 2025. It also recently announced three new projects -- including its largest-ever 682 MW Neo power project -- to address the soaring demand for natural gas-fired electricity.
Why could Williams generate even bigger gains? From 2020 to 2025, Williams' adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew at a 9% CAGR from $5.11 billion to $7.75 billion. From 2025 to 2028, analysts expect its adjusted EBITDA to grow at an 11% CAGR to $10.51 billion.
With an enterprise value of $130.5 billion, Williams still looks like a bargain at 16 times this year's adjusted EBITDA. It also pays an attractive forward dividend yield of 2.6%.
If it matches analysts' estimates through 2028, grows its adjusted EBITDA at a 10% CAGR through 2036, and trades at a more generous 20 times its current year's adjusted EBITDA by the final year, its stock could more than triple over the next 10 years. So if you're looking for a simple pipeline way to profit from the natural gas boom, Williams checks all the right boxes.
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Two AI Titans Flash Entries As Rocket Lab Readies For Launch AI energy infrastructure stocks have a favorable setup — and not just on the charts. Several midstream oil and gas companies near buy points earned a Wall Street nod, including The Williams Companies (WMB), Kinder Morgan (KMI) and Energy Transfer (ET). Many oil and gas stock groups, including refiners, have been trending well, with crude prices high. Jean Ann Salisbury…
The energy sector is a key part of the global economy and encompasses a wide range, from an oil-producing and refining company such as HF Sinclair (DINO +1.02%) to a midstream company such as The Williams Companies (WMB +1.10%), which transports natural gas through its pipelines.
What those two have in common is elite dividends that more than double the S&P 500 average of 1.06%. Here are three reasons to buy each stock.
Image source: Getty Images.
HF Sinclair's transition to renewable diesel HF Sinclair has converted several traditional refining assets into renewable diesel facilities, which allows it to capitalize on lucrative environmental credits and the growing demand for low-carbon fuels. In the first quarter of 2026, the company reported a massive shift toward profitability, swinging from a loss per share (EPS) of $0.02 in 2025 to an earnings per share of $3.56 in 2026.
It also reported that revenue increased 12% year over year to $7.1 billion. The rise was driven by higher adjusted refinery gross margins in the West region and higher overall refined product sales volumes.
By leveraging its existing infrastructure to produce renewable products, HF Sinclair avoids the massive greenfield costs competitors face, positioning itself as a leader in a market increasingly defined by carbon-intensity regulations and tax incentives.
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Aggressive and disciplined capital returns For many investors, the most attractive aspect of HF Sinclair is its unwavering commitment to returning capital to its owners. The company maintains a shareholder-first mentality, utilizing its robust cash flow -- which totaled nearly $460 million from operations in the first quarter -- to fund dividends and buybacks. It started a $1 billion stock buyback program in 2024 and in the first quarter, bought back $76 million of its stock.
It has kept its dividend at $0.50 for the past two years, but over the past decade, it has increased it by 51%. The yield, at its current price, is around 2.8%.
Recently, the company completed a massive share repurchase program, retiring more than 6% of its outstanding shares in just two years. This reduction in share count naturally boosts EPS and provides a consistent floor for the stock price. The stock buybacks and the above-average dividend have led to a total return of more than 257% over the past 10 years.
Regional market dominance and complexity HF Sinclair's geographic footprint provides it with a moat that larger coastal refiners often lack. Many of its refineries are located in the Mid-Continent and Rocky Mountain regions, where it benefits from proximity to cheap crude oil feedstocks and faces limited competition from international imports. These landlocked markets often command higher margins because the cost of transporting fuel from the Gulf Coast acts as a natural price support.
The company's facilities are highly complex, enabling them to process heavier, lower-cost grades of crude that simpler refineries cannot handle. This technical advantage ensures that HF Sinclair can maintain healthy crack spreads even when market conditions for lighter oils become squeezed, providing essential margin safety in the energy space.
Williams benefits from the data center power boom While Williams is traditionally viewed as a steady utility-like infrastructure play, it has found a powerful modern growth catalyst in artificial intelligence (AI). AI data centers require massive, uninterrupted power, and tech companies are turning to natural gas to power them. Williams handles one-third of all natural gas in the U.S., and its pipeline network, especially the Transco corridor, puts it in a great spot to meet the increased demand.
The company also expanded pipeline capacity and advanced a series of infrastructure and power-linked deals, including three new pacts, a $2.3 billion, 682-megawatt behind-the-meter deal, called Project Neo, and its Atlas natural gas supply for an unnamed data center in the Northeast, as well as the Aristotle pipeline to support Ohio data center demand.
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A contract-driven, resilient business model Williams operates primarily on a fee-based, long-term contract model, which shields it heavily from the direct volatility of commodity price swings. Because the company is paid based on the volume of natural gas moving through its gathering, processing, and transmission assets rather than the spot price of the gas itself, its revenue streams are highly secure.
This structural stability was on display in its first-quarter earnings report. It reported EPS of $0.70, up 25% year over year. The company reported cash flow from operations of $1.6 billion, up 12% over the same period a year earlier.
Williams attributed part of the improvement to higher net rates, expansion projects, new volumes from the Gulf of Mexico, higher storage revenues, and increased gathering activity in the western United States.
The company kept its 2026 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance of $8.05 billion to $8.35 billion, up 6% at the midpoint. It also said it expects annual EPS of $2.20 to $2.38, an increase of 9% at the midpoint. Williams expects capital expenditures of up to $7.6 billion, signaling continued investment in growth projects.
A reliable track record of dividend growth For income-focused investors looking for steady compounding, Williams stands out as a disciplined returner of capital. The company raised its dividend this year by 5% to $0.525 per share, yielding around 2.6% at its current share price. The company has increased its dividend for eight consecutive years. That dividend has a coverage ratio of 2.76x on an adjusted funds from operations basis, plenty safe for continued increases.
Two great long-term stocks HF Sinclair offers a compelling investment thesis driven by its successful strategic transition into the renewable diesel market and its solid regional dominance. The Williams Companies provides investors with a resilient, infrastructure-backed growth opportunity that is uniquely positioned to capitalize on the AI data center boom. This powerful growth catalyst is supported by a highly stable, fee-based contract model that insulates revenue from commodity price volatility.
Both stocks stand out as premier choices for income and value-focused portfolios due to their elite, reliable dividend profiles and disciplined approach to returning capital to shareholders. Both companies offer dividend yields that more than double the S&P 500 average. Together, they present a balanced mix of defensive, contract-driven cash flows, explosive modern tech-sector tailwinds, and aggressive capital return programs.
