Williams The energy infrastructure company reported Wednesday first-quarter earnings of $348 million, or 85 cents a share, up from year-earlier earnings of $307 million, or 81 cents. "We issued a report on WMB and WPZ on April 1, 2012 related to the Caiman Acquisition that included our updated models and outlook," Deutsche Bank analysts wrote in a report Wednesday. "We expect to revise the modeling further based upon the earnings reports and the upcoming Williams Analyst Day, May 22. In advance of that we are maintaining our estimates for WMB and WPZ while noting the increase in commodity leverage to both ethylene margins and ethane prices." Shares of Williams hit a 52-week high of $33.85 on Thursday. The stock's 52-week low of $17.88 was set on Oct. 4. Williams has a forward P/E of 20.56; the average for pipeline companies is 45.25. For comparison, Enterprise Products Partners ( EPD) has a lower forward P/E of 20.22. Fourteen of the 16 analysts who cover Williams rated it buy. One analyst gave the stock a hold rating and another rated it sell. TheStreet Ratings gives Williams a B- grade with a buy rating and $38.14 price target. The stock has risen 1.91% year to date.