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Chart Industries (GTLS) Secures Liquefaction Equipment Order
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Chart Industries, Inc. (GTLS - Free Report) recently secured an order from Black & Veatch to provide critical liquefaction equipment for the Cedar liquefied natural gas (LNG) project.
The company’s shares decreased 2.7% yesterday, ending the trading session at $150.10.
Inside the Headlines
The proposed Cedar LNG project is a floating LNG (FLNG) facility based in Kitimat, British Columbia, within the traditional territory of Haisla Nation. The project is designed to produce low-carbon Canadian LNG at a competitive cost for overseas markets by leveraging Canada’s ample resource of natural gas and British Columbia’s solid LNG infrastructure.
Per the deal, Chart Industries will supply key liquefaction equipment including the natural gas liquefaction cold boxes and brazed aluminum heat exchangers to the facility. This marks GTLS’ one of the biggest LNG, FLNG and small-scale LNG contracts in recent years.
Apart from helping to reduce carbon emissions, the Cedar LNG project will also support Haisla Nation’s economic and social development.
Other Notable Deals
Earlier this month, Chart Industries joined forces with GasLog LNG Services to explore the feasibility of a commercial-scale liquid hydrogen (LH2) supply chain. The two companies will collaborate to facilitate the worldwide supply of LH2 by utilizing GasLog’s liquid hydrogen vessel and Chart Industries’ expertise in cryogenics and large-scale liquefaction solutions.
Also, in March 2024, this Zacks Rank #2 (Buy) company secured an order from Element Resources for its California-based green hydrogen production facility, Lancaster Clean Energy Center. Per the deal, Chart Industries will supply hydrogen liquefaction system, liquid hydrogen storage tanks, trailer loadout bays, transport, ISO containers and hydrogen compression for storage, distribution and heavy-duty fueling to the facility.
Price Performance
Image Source: Zacks Investment Research
In the past three months, GTLS stock has gained 18.3% compared with the industry’s 12.3% growth.
Other Key Picks
We have highlighted three other top-ranked stocks from the same space, namely Applied Industrial Technologies (AIT - Free Report) , Illinois Tool Works (ITW - Free Report) and IDEX Corporation (IEX - Free Report) . While Applied Industrial currently sports a Zacks Rank #1 (Strong Buy), Illinois Tool and IDEX carry a Zacks Rank of 2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Applied Industrial delivered a trailing four-quarter average earnings surprise of 10.4%. In the past 60 days, the Zacks Consensus Estimate for AIT’s 2024 earnings has increased 2.5%.
Illinois Tool delivered a trailing four-quarter average earnings surprise of 3.3%. In the past 60 days, the Zacks Consensus Estimate for ITW’s 2024 earnings has inched up 0.1%.
IDEX delivered a trailing four-quarter average earnings surprise of 5.2%. In the past 60 days, the Zacks Consensus Estimate for IEX’s 2024 earnings has increased 1.7%.
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Chart Industries (GTLS) Secures Liquefaction Equipment Order
Chart Industries, Inc. (GTLS - Free Report) recently secured an order from Black & Veatch to provide critical liquefaction equipment for the Cedar liquefied natural gas (LNG) project.
The company’s shares decreased 2.7% yesterday, ending the trading session at $150.10.
Inside the Headlines
The proposed Cedar LNG project is a floating LNG (FLNG) facility based in Kitimat, British Columbia, within the traditional territory of Haisla Nation. The project is designed to produce low-carbon Canadian LNG at a competitive cost for overseas markets by leveraging Canada’s ample resource of natural gas and British Columbia’s solid LNG infrastructure.
Per the deal, Chart Industries will supply key liquefaction equipment including the natural gas liquefaction cold boxes and brazed aluminum heat exchangers to the facility. This marks GTLS’ one of the biggest LNG, FLNG and small-scale LNG contracts in recent years.
Apart from helping to reduce carbon emissions, the Cedar LNG project will also support Haisla Nation’s economic and social development.
Other Notable Deals
Earlier this month, Chart Industries joined forces with GasLog LNG Services to explore the feasibility of a commercial-scale liquid hydrogen (LH2) supply chain. The two companies will collaborate to facilitate the worldwide supply of LH2 by utilizing GasLog’s liquid hydrogen vessel and Chart Industries’ expertise in cryogenics and large-scale liquefaction solutions.
Also, in March 2024, this Zacks Rank #2 (Buy) company secured an order from Element Resources for its California-based green hydrogen production facility, Lancaster Clean Energy Center. Per the deal, Chart Industries will supply hydrogen liquefaction system, liquid hydrogen storage tanks, trailer loadout bays, transport, ISO containers and hydrogen compression for storage, distribution and heavy-duty fueling to the facility.
Price Performance
Image Source: Zacks Investment Research
In the past three months, GTLS stock has gained 18.3% compared with the industry’s 12.3% growth.
Other Key Picks
We have highlighted three other top-ranked stocks from the same space, namely Applied Industrial Technologies (AIT - Free Report) , Illinois Tool Works (ITW - Free Report) and IDEX Corporation (IEX - Free Report) . While Applied Industrial currently sports a Zacks Rank #1 (Strong Buy), Illinois Tool and IDEX carry a Zacks Rank of 2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Applied Industrial delivered a trailing four-quarter average earnings surprise of 10.4%. In the past 60 days, the Zacks Consensus Estimate for AIT’s 2024 earnings has increased 2.5%.
Illinois Tool delivered a trailing four-quarter average earnings surprise of 3.3%. In the past 60 days, the Zacks Consensus Estimate for ITW’s 2024 earnings has inched up 0.1%.
IDEX delivered a trailing four-quarter average earnings surprise of 5.2%. In the past 60 days, the Zacks Consensus Estimate for IEX’s 2024 earnings has increased 1.7%.