Williams Companies Inc

WMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$35.00	Xshpnbh	Vbwydbcvs

Williams Earnings: Storage Remains Hot as Market Reaches a Tipping Point

Stephen Ellis

May 7, 2024

Williams’ first-quarter results generally met our expectations, and we will maintain our $38 fair value estimate and narrow moat rating. 2024 EBITDA guidance was reaffirmed by management as at the top of half of its $6.8 billion to $7.1 billion range, and we see our $7 billion forecast as reasonable. Overall EBITDA improved 8% year over year to $1.9 billion.

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