NEW YORK (TheStreet) -- Shares of oil pipeline operator Williams Companies (WMB) soared 26 percent on Monday, after announcing on Sunday that's it's exploring strategic options. The stock is TheStreet's Move of the Day.
Williams said the offer is not in line with the growth Williams is forecasting. In its release, the company did not specifically reference Energy Transfer Equity.
Energy Transfer Equity confirmed its offer for Williams Companies on Monday and said the company had reached out on several occasions over the past six months regarding a merger. But Williams remained silent on the offers, until its public statement on Sunday.
Kelcy Warren, Energy Transfer Equity's chairman, said in a statement:
"I believe that a combination of Williams' assets with ETE will create substantial value that would not be realized otherwise. Therefore, I am a strong proponent of this transformative combination and support the issuance of a significant amount of ETE securities to complete the transaction."
The analysts at Argus Research hold a buy rating, with a $63 price target. Jefferies also maintains a buy rating, but with a lower $59 price target. Raymond James analysts have an outperform rating with a $56 price target.
Of the analysts who cover the stock, 85.7 percent maintain a buy rating, while 14.3 percent have a hold ranking. No analysts have sell ratings, Bloomberg data revealed.
Shares of Williams Companies have returned almost 34 percent since the start of the year.