UPDATE: Citigroup Initiates Buy on Williams Partners

Citigroup initiates coverage on Williams Partners (NYSE: WILL) with a Buy rating as it sees the company as one of the favorites in the small-mid cap oil names.

Citigroup says, "WLL is in the process of de-risking ~1k net drilling locations in the Williston Basin, providing ~8 years of drilling with ~40-50% plus IRRs at $90/Bbl WTI, using our 425 MBOE type curve model."

WILL closed at $62 on Thursday.