Williams price target raised to $40 from $35 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Williams to $40 from $35 and keeps a Hold rating on the shares. The company continues to allocate a significant amount of capital for future projects as seen by 20 projects in execution and about 30 project opportunities in backlog, though despite the likely future growth, the firm anticipates relatively moderate nearer-term growth in Upstream, West and potentially even Northeast G&P given the limited gathering volumes increase into 2025, with the overall result being sequentially lower free cash flow this year, the analyst tells investors in a research note.