Chart Industries (NYSE:GTLS) Releases Quarterly Earnings Results, Misses Estimates By $0.33 EPS

Chart Industries (NYSE:GTLS) issued its quarterly earnings data on Friday. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.33), Briefing.com reports. The company had revenue of $897.60 million during the quarter, compared to analyst estimates of $1.03 billion. Chart Industries had a negative net margin of 1.83% and a positive return on equity of 7.94%. The business’s quarterly revenue was up 117.8% compared to the same quarter last year. During the same period last year, the firm earned $1.32 EPS. Chart Industries updated its FY 2024 guidance to $14.00- EPS and its FY23 guidance to $6.05-6.25 EPS.

Chart Industries Stock Down 24.9 %

GTLS stock opened at $110.12 on Monday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.88 and a current ratio of 1.22. The business has a 50 day simple moving average of $164.70 and a 200-day simple moving average of $150.12. Chart Industries has a 1 year low of $101.44 and a 1 year high of $242.59.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GTLS. Piper Sandler boosted their price objective on Chart Industries from $131.00 to $140.00 and gave the company a “neutral” rating in a report on Monday, July 31st. HSBC began coverage on Chart Industries in a report on Monday, September 25th. They issued a “buy” rating and a $212.00 price target for the company. Raymond James upped their price target on Chart Industries from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday, July 31st. Citigroup upped their price target on Chart Industries from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, September 19th. Finally, Craig Hallum upped their price target on Chart Industries from $208.00 to $234.00 and gave the stock a “buy” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $202.73.

Institutional Investors Weigh In On Chart Industries

Large investors have recently made changes to their positions in the stock. Belpointe Asset Management LLC grew its position in shares of Chart Industries by 164.6% in the first quarter. Belpointe Asset Management LLC now owns 217 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 135 shares in the last quarter. KB Financial Partners LLC purchased a new position in Chart Industries in the first quarter worth approximately $28,000. ICA Group Wealth Management LLC purchased a new position in Chart Industries in the fourth quarter worth approximately $73,000. Advisor Group Holdings Inc. grew its position in Chart Industries by 32.7% in the first quarter. Advisor Group Holdings Inc. now owns 1,156 shares of the industrial products company’s stock worth $200,000 after acquiring an additional 285 shares during the period. Finally, Verition Fund Management LLC purchased a new position in Chart Industries in the fourth quarter worth approximately $206,000.

About Chart Industries

Chart Industries, Inc manufactures and sells engineered cryogenic equipment for the industrial gas and clean energy markets in the United States and internationally. The company operates in four segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.