Chart Industries Authorizes $250M Worth of Share Buyback Program

Chart Industries, Inc. GTLS recently announced rewards for shareholders in the form of share buyback authorization.The company’s shares were relatively stable yesterday and closed the trading session at $197.86.Details on GTLS’ Share Buyback ProgramUnder the buyback program, Chart Industries has been authorized by its board of directors to repurchase up to $250 million worth of shares. Subject to market and other factors, the buyback can be carried out in the open market, block purchases or through privately negotiated transactions, including under Securities Exchange Act Rule 10b-18 and Rule 10b5-1 trading plans.The company also restated its financial policy of no share buybacks or material cash acquisitions until it reaches its net leverage target of below 2.5. Chart Industries expects to reduce its debt level to $3 billion by the end of 2025. Exiting the third quarter of 2024, GTLS’ net leverage ratio was 3.04.Zacks Rank & Price PerformanceChart Industries, with a $8.5 billion market capitalization, currently carries a Zacks Rank #3 (Hold). It is likely to benefit from solid demand for its equipment and technology from LNG, hydrogen, data center and carbon capture markets. However, rising costs and expenses remain concerning.Image Source: Zacks Investment ResearchThe company’s shares have gained 50.7% compared with the industry’s 19.9% growth in the past year.The Zacks Consensus Estimate for GTLS’ 2024 earnings has remained stable at $8.91 per share over the past 30 days.Stocks to ConsiderSome better-ranked stocks from the same space are discussed below.Graham Corporation GHM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.GHM delivered a trailing four-quarter average earnings surprise of 101.9%. In the past 60 days, the Zacks Consensus Estimate for GHM’s fiscal 2025 earnings has increased 8.4%.Applied Industrial Technologies AIT presently carries a Zacks Rank #2 (Buy). AIT delivered a trailing four-quarter average earnings surprise of 5%.In the past 60 days, the consensus estimate for AIT’s 2024 earnings has inched up 0.7%.RBC Bearings Incorporated RBC presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 2.5%.In the past 60 days, the consensus estimate for RBC’s fiscal 2025 earnings has increased 0.5%.Free Report: 5 Clean Energy Stocks with Massive UpsideEnergy is the backbone of our economy. It’s a multi-trillion dollar industry that has created some of the world’s largest and most profitable companies.Now state-of-the-art technology is paving the way for clean energy sources to overtake “old-fashioned” fossil fuels. Trillions of dollars are already pouring into clean energy initiatives, from solar power to hydrogen fuel cells.Emerging leaders from this space could be some of the most exciting stocks in your portfolio.Download Nuclear to Solar: 5 Stocks Powering the Future to see Zacks’ top picks free today.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 RBC Bearings Incorporated (RBC): Free Stock Analysis Report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Graham Corporation (GHM): Free Stock Analysis Report Chart Industries, Inc. (GTLS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks