01:40 PM EDT, 05/07/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $41, up $4, reflects an 11.3x multiple of EV to projected 2024 EBITDA, slightly above WMB's historical average. We lift our 2024 EPS estimate by $0.05 to $1.91, but lower 2025's by $0.01 to $2.00. Q1 EPS of $0.59 vs. $0.56, beat consensus by $0.10. Q1 adjusted EBITDA ($1.9B) grew ~8% year-over-year and 12% sequentially, driven by WMB's Gas & NGL Marketing Services segment (+179%). In Q1, WMB closed on its acquisition of a portfolio of natural gas storage assets from an affiliate of Hartree Partners for $1.9B, adding six natural gas storage facilities with a storage capacity totaling 115 Bcf (bringing WMB's total storage capacity to 405.4 Bcf vs. prior 290.4 Bcf), with two of the facilities directly connected to WMB's Transco pipeline. In addition, the newly acquired assets will add 230 miles of pipeline and 30 pipeline interconnects to various markets, expanding its Transco pipeline to 9.9k miles (vs. 9.7k in 2023), which we view as positive. Shares yield 4.8%.