RBC Capital 'Incrementally More Positive' on Williams Companies (WMB) Post EIC Conference

RBC Capital analyst Elvira Scotto reiterated an Outperform rating and $63.00 price target on Williams Companies (NYSE: WMB) following the EIC Conference.

The analsyt commented: "We walked away incrementally more positive on WMB given the potential for WMB to announce additional projects that can drive estimates higher.

WMB expects more of the same going forward despite the changes in management as incoming CEO, Chad Zamarin, has worked closely on strategy since joining WMB eight years ago. The process of setting the strategy with a long-term outlook has allowed the Company to invest where needed. • WMB has designed Socrates (the announced behind the meter project) to be fully integrated infrastructure as the power option for the associated datacenter. The decision for the 10- year contract is for both parties to commercially re-evaluate at the end. If the offtaker used the equipment as backup power after contract maturity, pricing would likely be based on the replacement cost, which WMB believes would be attractive. Given the 5x build multiple on Socrates, WMB views the 10-year contract as attractive."

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

Shares of Williams Companies closed at $58.99 yesterday.

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