CNR Collar Strategy
CNR (Core Natural Resources, Inc.), in the Energy sector, (Coal industry), listed on NYSE.
Core Natural Resources, Inc., which rebranded from CONSOL Energy Inc. in January 2025, specializes in the global production and sale of bituminous coal. The company's business is primarily organized into two key segments. The Pennsylvania Mining Complex (PAMC) segment manages the mining, preparation, and marketing of bituminous coal, serving power generation facilities, industrial consumers, and metallurgical industries. Key assets within this segment include the Bailey, Enlow Fork, and Harvey Mines, alongside a central preparation facility. The second segment, the CONSOL Marine Terminal, offers crucial coal export terminal services through the Port of Baltimore. Beyond these core operations, the company is developing and operating the Itmann Mining Complex in Wyoming County, West Virginia, and also possesses substantial Greenfield Reserves and Resources spread across the Northern Appalachian, Central Appalachian, and Illinois basins.
CNR (Core Natural Resources, Inc.) trades in the Energy sector, specifically Coal, with a market capitalization of approximately $4.79B, a trailing P/E of 47.82, a beta of 0.14 versus the broader market, a 52-week range of 68.78-114.8, average daily share volume of 725K, a public-listing history dating back to 2017, approximately 5K full-time employees. These structural characteristics shape how CNR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.14 indicates CNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 47.82 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CNR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
CNR snapshot
As of August 14, 2026, spot at $96.71, ATM IV 38.20%, IV rank 0.00%, expected move 10.95%. The collar on CNR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on CNR specifically: IV regime affects collar pricing on both sides; compressed CNR IV at 38.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.95% (roughly $10.59 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNR should anchor to the underlying notional of $96.71 per share and to the trader's directional view on CNR stock.
CNR collar setup
The CNR collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CNR at $96.71 on that close, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNR chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CNR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $96.71 | long |
| Sell 1 | Call | $100.00 | $3.13 |
| Buy 1 | Put | $90.00 | $1.98 |
CNR collar risk and reward
- Net Premium / Debit
- -$9,556.00
- Max Profit (per contract)
- $444.00
- Max Loss (per contract)
- -$556.00
- Breakeven(s)
- $95.56
- Risk / Reward Ratio
- 0.799
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CNR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CNR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$556.00 |
| $21.39 | -77.9% | -$556.00 |
| $42.77 | -55.8% | -$556.00 |
| $64.16 | -33.7% | -$556.00 |
| $85.54 | -11.6% | -$556.00 |
| $106.92 | +10.6% | +$444.00 |
| $128.30 | +32.7% | +$444.00 |
| $149.68 | +54.8% | +$444.00 |
| $171.07 | +76.9% | +$444.00 |
| $192.45 | +99.0% | +$444.00 |
When traders use collar on CNR
Collars on CNR hedge an existing long CNR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CNR thesis for this collar
The market-implied 1-standard-deviation range for CNR extends from approximately $86.12 on the downside to $107.30 on the upside. A CNR collar hedges an existing long CNR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CNR IV rank near 0.00% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CNR at 38.20%. As a Energy name, CNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNR-specific events.
CNR collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CNR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNR alongside the broader basket even when CNR-specific fundamentals are unchanged. Always rebuild the position from current CNR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CNR?
- A collar on CNR is the collar strategy applied to CNR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CNR stock at $96.71 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CNR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CNR collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CNR collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is $444.00 per contract and the computed maximum loss is -$556.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CNR collar?
- The breakeven for the CNR collar priced on this page is roughly $95.56 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CNR?
- Collars on CNR hedge an existing long CNR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CNR implied volatility affect this collar?
- CNR ATM IV is at 38.20% with IV rank near 0.00%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.