Williams Partners downgraded to Hold from Buy at Jefferies Jefferies downgraded Williams Partners citing valuation and the adverse commodity environment. The firm lowered its price target for shares to $52 from $55.
Williams Partners Geismar plant consistently producing ethylene Williams Partners announced its Geismar, La. olefins plant resumed consistent operations in late March and is expected to produce ethylene at the base plantís production rate through May. The process to achieve its full expanded production rate will be ongoing through June. The expanded plant was ramping up when a new transformer that supplied power to a plant expansion compressor unexpectedly failed. The transformer is being repaired at the original manufacturerís facility. The plant continues to improve production rates due to the ability to use equipment installed as part of the plantís expansion. The plantís expanded production rate is expected to be reached shortly after the repaired transformer is re-installed. Base ethylene production capacity at the plant is 1.35B pounds per year and the expanded capacity is 1.95B pounds per year. Williams Partnersí share of the total capacity of the expanded plant is approximately 1.7B pounds per year. The partnership will provide an update on the status of the plantís operations during a scheduled April 30 investor conference call.