Why One Fund Cut $80 Million in Chart Industries Stock Ahead of Baker Hughes Buyout

Core Insights - San Francisco-based investment firm No Street GP LP has significantly reduced its stake in Chart Industries by selling 565,000 shares, resulting in a position decrease of approximately $79.7 million [1][2][6] - Chart Industries' stock is currently priced at $203.54, reflecting a 20% increase over the past year, outperforming the S&P 500 by 5 percentage points [3][4] Company Overview - Chart Industries, Inc. is a leading global provider of highly engineered cryogenic equipment and process technologies, with a strong presence in the energy transition and industrial gas markets [5] - The company reported a trailing twelve months (TTM) revenue of $4.3 billion and a net income of $66.7 million, with a market capitalization of $9.2 billion [4][5] Operational Performance - In the third quarter, Chart Industries achieved record orders of $1.7 billion, representing a year-over-year increase of 43.9%, and an adjusted operating income of $251.5 million, yielding a strong margin of 22.9% [7][8] - The company has a growing backlog valued at $6 billion, indicating strong demand for its products [8] Strategic Considerations - The reduction in stake by No Street GP reflects a shift in opportunity cost, as the stock is expected to be acquired for $210 per share in mid-2026, limiting potential upside for investors [6][8] - Chart Industries' GAAP results were impacted by a $266 million termination fee related to previously terminated merger talks, which may affect investor sentiment [8]