Goldman Sachs analyst John MacKay reiterated a Buy rating and $82.00 price target on Williams Companies (NYSE: WMB).

The analyst comments "This morning (7/13/26), Williams (WMB, Buy) announced funding plans for its ongoing behind-the-meter (BTM) power build-out with the sale of a 49% stake in five of its projects to Blackstone and partners for $5.34b. The commitment includes $4.4b for the buyers' share of expected growth capex and a ~$0.9b incremental payment to WMB. We see several puts and takes. On the positive: the announcement reflects a ~6.25% cost of equity, per WMB (a solid mark on cost of funding for this type of project); includes a promote that supports upside to the guided 5x build multiple on the projects; gives WMB balance sheet flexibility to spend on the next set of BTM projects; and clears an ongoing overhang that has preoccupied investors. On the more challenging side: the headline EBITDA multiple is of 5.7x GSe 2030 EBITDA for these five projects vs. WMB's overall ~10.3x 2030 multiple; the buy-out options for WMB are at lower multiples (2.3x 2033 earliest guided), which on its face is positive but doesn't dispel BTM terminal value questions; and the announcement did not come with new projects. Overall, despite the possibility for some volatility on the back of this announcement and recent M&A questions, we continue to see strong tailwinds for BTM overall and see WMB as the best-positioned name in our coverage to execute on the theme. We look to commentary on the 2Q26 call coming up to boost confidence in WMB EBITDA upside - and reiterate our Buy rating."

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Shares of Williams Companies closed at $74.46 yesterday.