In a report released yesterday, Roger Read from Wells Fargo maintained a Buy rating on Chart Industries (GTLS – Research Report), with a price target of $155.00.
Roger Read has given his Buy rating due to a combination of factors that suggest Chart Industries is well-positioned for future growth. Despite the company’s fourth-quarter earnings per share (EPS) surpassing expectations, their earnings before interest, taxes, depreciation, and amortization (EBITDA) fell short of forecasts. However, the firm’s robust gross margins, which significantly exceeded projections, painted a positive picture of their profitability and operational efficiency. Additionally, an upward trend in certain segments, such as Clean Energy & Industrial Gas Solutions (CE&IGS), highlighted strong quarter-over-quarter revenue growth, beating estimates and demonstrating a solid market demand.
Furthermore, Chart Industries’s outlook for 2024 remains constructive, supported by a strong global end-market demand. The company has identified a substantial commercial pipeline with potential orders that bode well for future revenues. Moreover, Chart Industries has surpassed its initial cost synergy targets following the Howden acquisition, which indicates effective integration and cost management strategies. The continued pursuit of further cost synergies suggests that the company is on track to improve its profitability, thereby justifying the Buy rating.
Read covers the Energy sector, focusing on stocks such as Chevron, Exxon Mobil, and Shell. According to TipRanks, Read has an average return of 10.2% and a 62.01% success rate on recommended stocks.
In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $170.00 price target.
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Chart Industries (GTLS) Company Description:
Chart Industries, Inc. engages in the manufacturing of engineered equipment for the industrial gas, energy, and biomedical industries. It operates through the following business segments: Energy and Chemicals Cryogenics, Distribution and Storage Western Hemisphere, Distribution & Storage Eastern Hemisphere, and Energy and Chemicals FinFans. The Energy and Chemicals Cryogenics segment supplies engineered equipment and technology-driven process systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases. The Distribution and Storage Western and Eastern Hemisphere segment designs, manufactures, and services cryogenic solutions for the storage and delivery of cryogenic liquids used in industrial gas and LNG applications in different geographical regions. The Energy and Chemicals FinFans facilitates major natural gas, petrochemical processing, petroleum refining, power generation and industrial gas companies in the production of their products. The company was founded in 1992 and is headquartered in Ball Ground, GA.
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