The Energy Information Administration reported today that U.S. crude stockpiles had grown by 2.5 million barrels last week. Analysts had been anticipating a 500,000 barrel-draw, MarketWatch reports.
Crude oil (WTI) was down 2.91% to $46.70 per barrel while Brent crude was declining 2.06% to $48.93 per barrel this afternoon.
Additionally, Williams confirmed in a statement today that it received a nomination for 10 new interim board members from private hedge fund Corvex Management, including Corvex founder Keith Meister.
The Tulsa, OK-based energy infrastructure company has been searching for new board members after seven resigned following Williams' failed merger with rival pipeline company Energy Transfer Equity (ETE) in June. Meister was among those directors who left the company.
Williams said in a statement it was "disappointed" that Corvex would launch a "distracting and costly" contest while Williams looks name three new members to its board.
However, Williams added that it would "carefully review" the nominations.
Separately, 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.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity.
You can view the full analysis from the report here: WMB