GTLS - Why Shares of Chart Industries Are Rising This Week
2023-03-24 09:43:48 ET
Prior to this week, March hadn't been very kind to Chart Industries (NYSE: GTLS) , a leading manufacturer of equipment used in energy and industrial gas applications. Shares of Chart had fallen 23% from the start of the month through last week. This week, however, investors turned bullish on the stock after learning that the company's acquisition of Howden had been completed -- an acquisition that is expected to bolster the company's financials significantly in 2023.
As of the end of Thursday's trading session, shares of Chart have climbed 12.6% since the close of trading last Friday, according to data from S&P Global Market Intelligence .
Last Friday, Chart announced that it had completed the acquisition of Howden in a $4.4 billion cash transaction. As a result of picking up the manufacturer of industrial equipment, Chart has increased its exposure to foreign markets, and it now has a geographic footprint that reaches 35 countries.
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Why Shares of Chart Industries Are Rising This Week