Williams Companies (WMB) Gains Regulatory Approvals for NESE Project, TD Cowen Retains Buy Rating

WMB +1.18% NG=F +6.41%

The Williams Companies, Inc. (NYSE:WMB) ranks among the 9 hot energy stocks to buy. On November 7, The Williams Companies, Inc. (NYSE:WMB) announced that it had obtained important regulatory licenses from New Jersey and New York environmental authorities for its Northeast Supply Enhancement (NESE) project.

The NESE project aims to boost energy stability in New York City by increasing natural gas supply and replacing high-emitting fuel oil. The Williams Companies, Inc. (NYSE:WMB) anticipates that the project will generate more than $1 billion in investment while providing long-term advantages to New York energy users.

Additionally, The Williams Companies, Inc. (NYSE:WMB) is moving forward with its Constitution Pipeline project in upstate New York, which would supply Northeastern markets. Over 15 years, the project could generate roughly 2,000 jobs annually and save up to $11.6 billion by cutting natural gas prices in the Northeast.

A day before the announcement, TD Cowen increased its price target for The Williams Companies, Inc. (NYSE:WMB) to $70 from $69 and retained a Buy rating on the company’s shares. The firm’s adjustment follows Williams Companies’ mention of a historical 9% EBITDA CAGR, though TD Cowen questions if the company would deliver a similar forecast at its upcoming February Investor Day.

The Williams Companies, Inc. (NYSE:WMB) is an energy infrastructure company focused on owning and operating infrastructure for the gathering, processing, transportation, and delivery of natural gas and natural gas liquids (NGLs) across the United States.

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Disclosure: None. This article is originally published at Insider Monkey.