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Williams Q4 Earnings Top Estimates; Issues Guidance

Williams (WMB) delivered stronger-than-expected fourth-quarter and full-year 2021 results, characterized by growth across three major business segments. Earnings came in above consensus estimates and topped financial guidance. WMB shares fell 0.24% to close at $29.62 on February 21.

Williams is an energy company that builds and provides infrastructure for processing and delivering natural gas products.

Earnings

Fourth-quarter adjusted EBITDA increased by $147 million to $1.48 billion driven by benefits from upstream operations and services revenues. Full-year adjusted EBITDA increased by $530 million to $5.64 billion. Fourth-quarter adjusted income increased by $94 million to $476 million as full-year adjusted income increased by $325 million to $1.66 billion.

Williams delivered Q4 adjusted earnings per share of $0.39, an increase from $0.31 in the same quarter last year and above analyst estimates of $0.34. Full-year adjusted EPS increased to $1.36 from $1.10 for 2020. Full-year revenue increased to $10.63 billion from $7.72 billion the previous year.

Available funds from operations (AFFO) in the fourth quarter increased to $1.05 billion from $983 million in the same quarter last year. Full-year AFFO totaled $4.07 billion, an improvement from $3.64 billion.

Williams expects adjusted EBITDA of between $5.6 billion and $6 billion for the 2022 financial year. Growth capital expenditures are expected to range between $1.25 billion and $1.35 billion. The company has also confirmed a 3.7% dividend increase to $1.70 for 2022 from $1.64 in 2021.  Williams’ dividend yield currently stands at 5.58%.

Stock Rating

Last week Mizuho Securities analyst Gabe Moreen reiterated a Buy rating on Williams stock and raised the price target to $33 from $31, implying 11.41% upside potential to current levels.

Consensus among analysts is a Strong Buy based on 8 Buys and 2 Holds. The average Williams price target of $33 implies 11.41% upside potential to current levels.

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