Williams (WMB)
Connects U.S. gas production to utilities, power plants, industry and LNG export markets.
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Transports and stores natural gas through Transco, Northwest Pipeline and MountainWest, while gathering and processing production from major U.S. basins. Long-term reservation contracts and volume-based fees underpin the infrastructure business; storage, NGL services, commodity marketing and onsite power projects extend the network into gas-fired power, industrial and LNG demand.
Moves natural gas from U.S. production basins to utilities, power generators, industrial users and LNG exporters through more than 32,000 miles of pipelines. Transco anchors the interstate network, joined by Northwest Pipeline and MountainWest; gathering and processing systems span the Marcellus, Utica, Haynesville, DJ and Rocky Mountain basins. Storage, NGL fractionation and transportation, gas and NGL marketing, and Power Innovation projects complete the portfolio.
Earns mainly from volume-based gathering and processing fees and long-term firm reservation contracts for pipeline and storage capacity. The integrated footprint connects supply, processing, transmission, storage and demand markets across the United States.
Interstate pipeline rates, expansions and abandonments require FERC oversight, while gathering results depend on producer drilling and throughput. Power projects add construction, equipment and customer-demand dependencies.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Williams Trading | Target | Target: $103 | Target: $92 |
| Sep 10, 2026 | Scotiabank | Reiterate | Rating: —Target: $86 | Target: $85 |
| Aug 26, 2026 | Williams Trading | Target | Target: $82 | Target: $103 |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $99 | Target: $103 |
| Aug 5, 2026 | Wells Fargo | Reiterate | Rating: —Target: $80 | Target: $90 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $203.0M · Total debt $30.79B · Total assets $60.61B · Shareholders' equity $13.19B
- Revenue
- $3.05B
- Operating income
- $1.18B
- Net income
- $827.0M
HistoryDividendAnnual yield
| Institutions | 90.39% | 1.11B shares | |
|---|---|---|---|
| 1,900 holders · as of Jun 30, 2026 | |||
| Insiders | 6.12% | 74.85M shares | |
| 28 holders · as of Sep 2, 2026 | |||
| Other | 3.49% | 42.72M shares | |
| remainder | |||
1.22B company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.44% | 115.50M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.53% | 79.85M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.89% | 72.02M | as of Jun 30, 2026 |
Page 2. Of 4. PagesInsider | 5.84% | 71.42M | filed Feb 14, 2022 |
Bank of America Corp /DE/Institution | 3.65% | 44.67M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 1, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $75.56 |
| Aug 14, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −13,000 | $74.87 |
| Aug 3, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $70.65 |
| Jul 1, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $74.16 |
| Jun 1, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $71.30 |
- Kinder Morgan
Largest US gas pipeline network; Tennessee Gas rivals Transco coast-to-coast.
- Enbridge
Texas Eastern + Algonquin challenge Transco in Northeast and Gulf corridors.
- TC Energy
Columbia Gas and ANR contest Appalachian supply and Gulf Coast delivery.
- Energy Transfer
Gulf Run Pipeline directly battles LEG for Haynesville-to-LNG volumes.
- ONEOK
60,000-mile integrated network competing in gas pipelines, G&P, and NGL.
- Enterprise Products Partners
Largest US midstream; overlaps in G&P, NGL marketing, and Gulf storage.
- Targa Resources
Permian G&P and NGL marketing rival; Gulf Coast gathering also overlaps.
- DT Midstream
LEAP and Blue Union battle LEG directly for Haynesville gas egress.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Williams | $71.92 | +1.32% | $86.82B | 28.2 | 30.0 | 7.1 | +10.2% |
| Kinder Morgan | $31.68 | +1.31% | $69.63B | 20.0 | 21.4 | 3.9 | +10.8% |
| Enbridge | $47.89 | −0.03% | $104.60B | 23.4 | 23.1 | 1.6 | +89.7% |
| TC Energy | $60.73 | +1.59% | $62.23B | 25.2 | 24.3 | 5.5 | +40.3% |
| Energy Transfer | $20.58 | +0.86% | $70.20B | 12.7 | 12.6 | 0.7 | +78.4% |
| ONEOK | $91.36 | +1.41% | $56.77B | 15.5 | 15.4 | 1.4 | +52.8% |
| Enterprise Products Partners | $37.78 | −0.61% | $82.24B | 13.2 | 12.4 | 1.4 | +60.8% |
| Targa Resources | $286.18 | +1.43% | $60.56B | 26.9 | 25.4 | 3.6 | +10.3% |
| DT Midstream | $126.65 | +1.35% | $12.75B | 27.4 | 26.7 | 9.7 | +11.0% |
| Median | 21.7 | 22.3 | 2.6 | +46.5% |