It has been about a month since the last earnings report for Williams Companies, Inc. WMB. Shares have lost about 11% in that time frame.Will the recent negative trend continue leading up to its next earnings release, or is WMB due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.Fourth Quarter 2017 ResultsWilliams Companies reported adjusted earnings from continuing operations of 20 cents per share in line with the Zacks Consensus Estimate. The bottom line improved from the prior-year figure of 17 cents per share. Better year-over-year results can be attributed to absence of impairment charges associated with equity method investments and favorable changes in the income tax provision.For the quarter ended Dec 31, 2017, Williams Companies reported revenues of $2,228 million, surpassing the Zacks Consensus Estimate of $2,157 million. Further, revenues increased from the year-ago quarter figure of $2,198 million.Segmental AnalysisWilliams Partners L.P: This segment reported adjusted operating profit of $1,150 million, up 3.3% from $1,113 million in the year-ago quarter. Increased fee-based revenues driven by the partnership’s Atlantic Gulf and West business drove results.Other: The segment posted adjusted operating profit of $10 million, flat with the year-ago figure.Expenses SummaryThe total cost and expenses increased 49% to $2,415 million in the reported quarter compared with $1,617 million in the prior-year quarter. Increased costs were primarily driven by higher product costs and regulatory charges resulting from tax reforms.Capital Expenditure & Balance SheetDuring the reported quarter, Williams Companies’ capital expenditure was $699 million. As of Dec 31, 2017, the company had cash and cash equivalents of 899 million compared with $170 million in the year ago quarter. Long-term debt of the company was $20,434 million, representing a debt-to-capitalization ratio of 67.9%.2018 OutlookThe company issued a preliminary guidance for 2018, wherein it anticipates the net income from its major segment Williams Partners to be within the range of $1.5-$1.7 billion range. Williams Companies expects the annual dividend growth rate of 10-15% for 2018 and 2019, with the dividend-coverage ratio of 1.35x.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimate. There have been two revisions lower for the current quarter.Williams Companies, Inc. Price and Consensus Williams Companies, Inc. Price and Consensus | Williams Companies, Inc. (The) QuoteVGM ScoresAt this time, WMB has a subpar Growth Score of D, though it is lagging a bit on the momentum front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.The company's stock is suitable solely for value based on our styles scores.OutlookEstimates have been broadly trending downward for the stock and the magnitude of these revisions indicates a downward shift. Interestingly, WMB has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Williams Companies, Inc. (The) (WMB): Free Stock Analysis Report To read this article on Zacks.com click here.