Baker Hughes' $13.6B Takeover of Chart Drives 0.09% Drop as Stock Slides to $199.31 Amid $330M Volume, Ranking 310th in Trading Activity

On September 3, 2025, Chart Industries (GTLS) closed with a 0.09% decline, trading at $199.31 per share with a volume of $330 million. The stock ranked 310th in trading activity among listed equities. The day's movement followed the announcement of a definitive agreement between Baker Hughes and Chart, under which the energy services giant will acquire all outstanding shares of Chart for $210 apiece, valuing the deal at $13.6 billion. The transaction, expected to close by mid-2026, aims to integrate Chart’s cryogenic and industrial gas technologies into Baker Hughes’ broader energy platform, unlocking $325 million in annual cost synergies.

Analyst activity has intensified ahead of the merger’s expected closure, with 12 research reports issued in the past 90 days. The consensus rating remains "Hold," supported by 5 buy ratings and 12 holds. Short interest in GTLS has fallen by 8.51% month-on-month, with 8.94% of shares outstanding currently sold short. Institutional investors have shown mixed positioning, with First Financial Bankshares reducing its stake by 43.5% in Q1, while Frontier Capital Management and Van Berkom & Associates significantly increased holdings in the fourth quarter and first quarter of 2025, respectively.

Recent earnings results highlighted slight underperformance relative to estimates, with Q2 EPS of $2.59 falling short of the $2.62 consensus. The company reported $1.08 billion in revenue against a $1.11 billion forecast. Despite the earnings miss, Chart’s P/E ratio of 36.76 remains elevated compared to the industrials sector average of 25.83. The PEG ratio of 1.14 suggests potential overvaluation, though its price-to-book ratio of 2.53 indicates reasonable asset-based valuation. Analysts have adjusted price targets, with Goldman Sachs maintaining a $180 target and Morgan Stanley lowering its objective to $225.

The acquisition by Baker Hughes is expected to resolve Chart’s standalone growth challenges in decarbonization and LNG infrastructure. With combined operations, the new entity will target high-growth markets while leveraging shared R&D and supply chain efficiencies. The deal has received unanimous board approval but remains subject to regulatory clearances. Investors remain cautiously optimistic, with GTLS’s 52-week range spanning $101.60 to $220.03. Market sentiment is further supported by improved short interest trends and institutional buying activity ahead of the merger’s anticipated completion.

The transaction’s terms, including a $210 per share cash offer, represent a 15.7% premium to Chart’s pre-announcement price. Analysts project the deal will close by mid-2026, pending regulatory approvals. Institutional ownership shifts and valuation metrics indicate continued strategic interest in the company’s industrial gas and cryogenic technologies post-merger integration.