Out Fox The $treet

Williams' management continues pursuing the merger with ETE via litigation. . The financials and stock prices support the company letting go. . The recommendation is to own the stock with the speculation that the BOD is bluffing on closing the deal in order to get rightful compensation from ETE for walking away. In a surprise tone,  Williams Cos. (NYSE: WMB )  management actually sounds intent on forcing  Energy Transfer Equity (NYSE: ETE )  to complete the much maligned merger. The relationship has turned very acrimonious suggesting an integration of the two companies would be difficult and questioning the value it taking extraordinary steps to force the merger closure. Read the full article on Seeking Alpha.   Disclosure: No positions mentioned. Please read the disclaimer page for more details.

Williams' investors need to start considering the financial picture of the company on a standalone basis. The news flow regarding the merger with ETE suggests both sides want to terminate the deal without the related party paying termination fees. Williams is intriguing with the partnership not requiring an equity raise this year to fund the reduced capital plan. The  latest news  seems to confirm that Energy Transfer Equity (NYSE: ETE ) and Williams Cos. (NYSE: WMB ) are doing everything possible to terminate the merger. In those regards, investors need to shift the mindset back to valuing Williams as a standalone entity with a majority position in Williams Partners (NYSE: WPZ ).  Read the full article on Seeking Alpha.     Disclosure: No positions mentioned. Please read the disclaimer page for more details.

More questions swirl about the ETE and Williams deal. A termination fee paid to Williams would quickly shore up dividend coverage and funding requirements of the next year or more. Based on the news, Williams is a stock to avoid unless more details emerge suggesting a termination fee is actually forthcoming that would provide an opportunity for the company. Despite a market rally on Thursday,  Williams Cos. (NYSE: WMB )  traded down over 3% on a couple of headlines that reinforce the risk surrounding the stock. My  previous questions regarding the risk in the stock are only magnified now. Read the full article on Seeking Alpha.  Disclosure: No postions mentioned. Please read the disclaimer page for more details.

Weak Q4 cash flows don't help the dividend coverage ratio and concerns about the ability of Williams supporting the dividend. The questions surrounding the business relationship with Chesapeake Energy was extensively discussed in the presentation and earnings call, yet the impact from a restructuring remains unknown. Too many questions remain regarding negative outcomes to owning Williams. Williams Companies' (NYSE: WMB )  quarterly results  brought some interesting points regarding Energy Transfer Equity (NYSE: ETE ) and Chesapeake Energy (NYSE: CHK ). The details didn't really provide a resolution to the  outstanding issues  highlighted in my last article.  Read the full article on Seeking Alpha.  Disclosure: No positions mentioned. Please read the disclaimer page for more details.

Williams trades near lows as a key executive departs ETE. Negative news swirls around a key customer in Chesapeake Energy that questions the stable cash flows from the pipeline business. The recommendation remains to avoid the stock with the business model under pressure and no guarantees on the cash portion of the ETE deal. After another tumultuous week,  Williams Companies' (NYSE: WMB )  shareholders find the stock trading close to new multi-year lows. My  previous warning  was that a restructuring of the cash portion of the  Energy Transfer Equity (NYSE: ETE )  deal was needed despite the statements from the Board of Directors.  Read the full article on Seeking Alpha.  Disclosure: No positions mentioned. Please read the disclaimer page for more details.

The stock price continues plunging ahead of the finalization of the merger with ETE. The deal complexity and required cash portion of the transaction were signals to avoid the stock. Williams doesn't trade at enough of a discount to warrant owning the stock prior to the merger closing in early 2016. The energy sector, and especially the infrastructure space, is in the midst of a massive collapse. One stock caught up in the carnage is Williams Cos. (NYSE: WMB ), with the stock down 13% on Monday and nearly $10 in the previous four trading days before a rebound on Tuesday. Read the full article on Seeking Alpha. Disclosure: No position mentioned. Please review the disclaimer page for more details. 

Williams finally issues Q3 dividend amount. The company hasn't answered the long-term questions surrounding the impact of the fee cuts. The stock remains difficult to own until more questions are resolved. As the market was closing for the week, Williams Cos. (NYSE: WMB ) left shareholders in the dark regarding the upcoming dividend and the strategic alternatives resolution. In Williams: Negative Implications Of Chesapeake Deal , the research highlighted some of the issues with the fee cuts from the Chesapeake Energy ( CK ) deal. Long after the market closed on Friday, the company and market news sources provided some more information. Read the full article on Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

Williams agrees to fee cuts for higher volumes from Chesapeake Energy. The auction process for the company remains in limbo placing the positive merger with Williams Partners and the promised higher dividends on hold. The uncertainty around Williams makes the stock difficult to own despite the collapsing price. In possibly a somewhat surprising move, Williams Cos. (NYSE: WMB ) subsidiary Williams Partners L.P. (NYSE: WPZ ) agreed to lower the gathering and processing costs for Chesapeake Energy (NYSE: CHK ) for higher future volumes. The move is rare for the MLP sector and has some troubling implications despite the signaling by Williams that the move is a win-win for both parties. Read the full article on Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

Williams rejects unsolicited bid for $64 and plans to explore strategic alternatives. Energy Transfer Equity proposes that a merger with Williams will provide a higher dividend and growth. The lack of details from Energy Transfer Equity makes it difficult to understand how it can propose a higher dividend after shifting to a C corp. The proposed offering doesn't provide much of a premium to where Williams likely trades in 2016 as a standalone stock. On the headlines only, it is initially difficult to see how a $48 stock could turn down a $64 offer. In the case of Williams Companies (NYSE: WMB ) , the executives did just that. Read the full article on Seeking Alpha. Disclosure: No position mentioned. Please review the disclaimer page for more details. 

On the back of a nearly 25% gain following the ( NYSE: WMB     ) proposed deal to acquire parts of Access Midstream Partners L.P. ( NYSE: ACMP     ) it doesn't already own and merge them with Williams Partners L.P. ( NYSE: WPZ     ) ,  Williams Companies  ( NYSE: WMB     ) investors have to wonder if the deal was really that good. The deal is naturally interesting in that it provides Williams with access to the rapidly growing infrastructure needs in most of the primary shale plays. On the back of the deal, Williams proposes increasing the third quarter dividend by an astonishing 32% to an annualized rate of $2.24, providing the impetus for the stock gains. The company quickly rushed out to sell stock to pay for the deal, further suggesting that its stock rose too fast. Read the full article here . Disclosure: No positions mentioned. Please read the disclaimer page for more details.

Since its spinoff from Williams Companies ( NYSE: WMB     ) , WPX Energy ( NYSE: WPX     ) has struggled with low natural gas prices and weak production numbers. Surprising to some in the market, the company reported a large first-quarter profit that smashed low estimates even though the company didn't achieve any surprise production numbers. In fact, the production numbers beat forecasts while still showing year-over-year and sequential declines. The results for WPX Energy were solid based on factors beyond the company's control and show how the market is bigger than any management team. Despite the shift of capital spending to oil, WPX Energy still obtains nearly 80% of production from natural gas. Along with a company like Chesapeake Energy ( NYSE: CHK     ) , higher natural gas prices will solve most of the ailments that these companies have faced in the last couple of years. Read the full article here . Disclo...

The news came out last Friday that activists had raised their stake in Williams Companies ( NYSE: WMB     ) . The activist firms of Corvex Management and Soroban Capital Partners had previously claimed a 5% position back in Dec. in hopes of pushing the large pipeline operator into consolidating the industry to spur growth. The firms are so adamant that Williams has more potential that combined they've spent an astronomical $2.5 billion to build a near 10% position. The firms spent the previous week amassing around 1.2 million shares per day with limited impact to the stock. From a potential investor's standpoint, what strikes an interesting cord is that Williams doesn't appear to offer much value from the outside. Read the full article here . Disclosure: No position mentioned. Please review the full disclaimer page for more details. 

Several years after a promising spinoff from Williams Companies ( NYSE: WMB     ) , WPX Energy ( NYSE: WPX     ) is still struggling to build a growing production base. The E&P has hit some prolific wells in the Niobrara Shale, yet issues in the Marcellus combined with declining legacy fields have left the company bumping along the bottom. At the time of the spinoff, WPX Energy reached production levels of 1,308 MMcfe/d and forecasted that the 13% annual production growth would continue. The guidance for 2014 again shows a natural gas producer stuck in its tracks. This is in contrast to  Range Resources Corporation ( NYSE: RRC     ) , which continues to produce higher volumes and ramp up proven reserves in the very region where WPX Energy is having the most problems. Read the full article here . Disclosure: Long WPX. Please review the disclaimer page for more details. 

Nearly two years after being spun off from Williams Companies ( NYSE: WMB     ) , WPX Energy ( NYSE: WPX     ) is finally seeing decent stock gains. The large natural gas producer has been pushing toward drilling for oil, but ironically a massive natural gas find places this stock on a path to huge reserve growth. Compared to other natural gas producers such as Range Resources ( NYSE: RRC     ) and Southwestern Energy ( NYSE: SWN     ) , the stock trades at sub-par multiples. Due to the massive well in the Niobrara shale called the 'beast,' it could finally be back on a growth trajectory. Read the full article here . Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

Williams Companies ( WMB ) has consistently missed earnings estimates over the last year, but the company has a ton of growth opportunities in the decade ahead. The company has been hit with lower natural gas liquids (NGL) margins and Ethane rejections along with higher natural gas prices. Williams has one of the leading energy infrastructures in North America. It owns interests in, or operates, 15,000 miles of interstate gas pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000 miles of oil and gas gathering pipelines. It owns more than 70% of Williams Partners L.P. ( WPZ ) , one of the largest diversified energy master limited partnerships. Read the full article at Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details.

In a rare move, Williams Companies (WMB) has been forecasting substantial dividend growth through 2014. Typically management teams prefer to keep dividend increases under wraps in order to 'surprise' the market with increases and generally temper expectations. The company has one of the leading energy infrastructures in North America. It owns interests in or operates 15,000 miles of interstate gas pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000 miles of oil and gas gathering pipelines. It owns more than 70% of Williams Partners L.P. (WPZ) , one of the largest diversified energy master limited partnerships. On Tuesday, the company announced a significant investment of $2.4B in Access Midstream Partners (ACMP) . Access conversely announced plans to purchase pipeline assets from Chesapeake Energy (CHK) for $2.16B. These transactions could improve the dividend potential at Williams by 2014. Read the full article at Seeking Alpha. Disclosure: No ...

After reporting earnings on Wednesday night, Continental Resources (CLR) moved up slightly as investors battled over the huge production gains and the spending increases. For some reason the market was disappointed with a forecast increase in capital spending while oil approaches $94 (not to mention that Brent crude exceeds $112). The company is an oil and natural gas exploration and production company focused on the Bakken and Anadarko areas. The market remains very focused on reduced spending in the domestic energy production sector that any added spending is seen as negative. SandRidge Energy (SD) encountered this very problem the previous week. Though natural gas still struggles around $3, the market is missing that oil prices remain strong. Why wouldn't an oil exploration company attempt to produce more oil at these prices? Read the full article at Seeking Alpha. Disclosure: No positions. Please review the disclaimer page for more details. 

After reporting earnings on Thursday night, SandRidge Energy (SD) dropped 3% even as the market soared on Friday thanks to the bullish jobs report. For some reason the market was disappointed with a forecasted increase in capital spending while oil approaches $91. The company is an oil and natural gas exploration and production company focused on the Mississippian, Permian Basin, and now Gulf of Mexico. The market is very focused on reduced spending in the domestic natural gas sector that any added spending is seen as negative. Though natural gas still struggles around $3, the market is missing that oil remains strong. Why wouldn't an oil exploration company attempt to produce more oil at these prices? Read the full article at Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

The major difference between an IPO and a spin-off is that one gets major media 'spin', while the other can be vastly ignored. The lack of a major financial transaction-- and hence, fees-- tends to reduce the push by investment houses. Just by viewing articles posted on this very website one can quickly derive that the general public has less interests in spin-offs versus IPOs, to their own detriment. This provides a major advantage to alert investors. Outside the major spin-offs, like the upcoming ones at Kraft (KFT) and ConnocoPhillips (COP), the others fall under the radar by the investing community. Historically, spin-offs have provided solid returns for savvy investors. This is partly due to investors ignoring or not understanding the new security, but also because spin-offs allow both the parent and the spun off company to thrive, with each management team free to focus on its direct business. A few interesting spin-offs took place around year-end to little or no fanfare....

According to the Tulsa World, Carl Icahn and his firm has significantly added to his purchase in Williams Cos (WMB). WMB is now his 5th largest holding according to the article behind the likes of Yahoo (YHOO), Biogen (BIIB), Motorola (MOT), and Anadarko (APC). The investment more then doubled his holdings in WMB to $250M and increased his position to 3%. This isn't necessarily a sign that he plans on being an activist as he held shares back in 2006 that he mostly sold in May of 2008. Seems that maybe Icahn is just a trader in WMB stock, but he might have other plans this time. His more recent investments haven't been that stellar as both YHOO and MOT have bombed since his involvement. WMB is an anchor of the Tulsa community and would be a shame if Icahn were to force changes. They've historically been a strong natural gas company though they lost there ways in 2000 with the debacle that was Williams Communications that is now a part of Level 3 (LVLT). Its interesting that...