NEW YORK (TheStreet) -- Williams Companies (WMB) - Get Report shares are jumping 1.66% to $19.59 on Thursday as oil prices rallied on optimism that Saudi Arabia had proposed to cut output by 5% across the board.
Crude oil (WTI) is spiking 3.65% to $33.48 per barrel and rent crude is leaping ahead 2.96% to $34.08 per barrel.
Russian Energy Minister Alexander Novak said earlier today that this may be a possibility however, hours later, a senior Gulf Organization of Petroleum Exporting Countries (OPEC) delegate refuted this claim, saying that Saudi Arabia has not proposed reducing output or asked Russia to do the same, the Wall Street Journal reports.
Instead, it appears that Saudi Arabia is ready to work together on deciding output but has not proposed a 5% production reduction, Reuters clarified.
Based in Tulsa, OK, Williams Companies operates as an energy infrastructure company primarily in the U.S.
Separately, TheStreet Rating currently has a "hold" rating on the stock with a letter grade of C.
he company's strengths can be seen in multiple areas, such as its good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WMB