CTRI Bull Call Spread Strategy
CTRI (Centuri Holdings, Inc.), in the Utilities sector, (Regulated Gas industry), listed on NYSE.
Centuri Holdings, Inc. delivers specialized utility infrastructure services across North America. The company's operations are divided into four key segments: Gas Utility Services in the U.S., Gas Utility Services in Canada, Union Electric Utility Services, and Non-Union Electric Utility Services. For natural gas distribution utilities, Centuri provides a comprehensive suite of services, including routine maintenance, system replacements, repairs, and new installations, all with an emphasis on modernizing their infrastructure. Similarly, within the electric utility sector, the company offers services ranging from the upkeep and replacement of existing systems to the repair, upgrade, and expansion of urban transmission and local distribution networks. Centuri's clientele primarily consists of electric, gas, and integrated utility providers. Furthermore, it extends its services to emerging markets such as renewable energy projects, data centers, and 5G telecommunications infrastructure.
CTRI (Centuri Holdings, Inc.) trades in the Utilities sector, specifically Regulated Gas, with a market capitalization of approximately $2.40B, a trailing P/E of 83.16, a beta of 1.11 versus the broader market, a 52-week range of 19.04-42.985, average daily share volume of 1.6M, a public-listing history dating back to 2024, approximately 10K full-time employees. These structural characteristics shape how CTRI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.11 places CTRI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 83.16 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.
What is a bull call spread on CTRI?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
CTRI snapshot
As of August 14, 2026, spot at $23.48, ATM IV 50.40%, IV rank 15.15%, expected move 14.45%. The bull call spread on CTRI 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 154-day expiry.
Why this bull call spread structure on CTRI specifically: CTRI IV at 50.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a CTRI bull call spread, with a market-implied 1-standard-deviation move of approximately 14.45% (roughly $3.39 on the underlying). The 154-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CTRI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTRI should anchor to the underlying notional of $23.48 per share and to the trader's directional view on CTRI stock.
CTRI bull call spread setup
The CTRI bull call spread 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 CTRI at $23.48 on that close, the first option leg uses a $22.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTRI chain at a 154-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 CTRI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $22.50 | $4.00 |
| Sell 1 | Call | $25.00 | $2.80 |
CTRI bull call spread risk and reward
- Net Premium / Debit
- -$120.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$120.00
- Breakeven(s)
- $23.70
- Risk / Reward Ratio
- 1.083
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
CTRI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CTRI. 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% | -$120.00 |
| $5.20 | -77.9% | -$120.00 |
| $10.39 | -55.7% | -$120.00 |
| $15.58 | -33.6% | -$120.00 |
| $20.77 | -11.5% | -$120.00 |
| $25.96 | +10.6% | +$130.00 |
| $31.15 | +32.7% | +$130.00 |
| $36.34 | +54.8% | +$130.00 |
| $41.53 | +76.9% | +$130.00 |
| $46.72 | +99.0% | +$130.00 |
When traders use bull call spread on CTRI
Bull call spreads on CTRI reduce the cost of a bullish CTRI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CTRI thesis for this bull call spread
The market-implied 1-standard-deviation range for CTRI extends from approximately $20.09 on the downside to $26.87 on the upside. A CTRI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CTRI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CTRI IV rank near 15.15% 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 CTRI at 50.40%. As a Utilities name, CTRI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTRI-specific events.
CTRI bull call spread positions are structurally moderately bullish; 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. CTRI positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTRI alongside the broader basket even when CTRI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CTRI are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CTRI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CTRI?
- A bull call spread on CTRI is the bull call spread strategy applied to CTRI (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With CTRI stock at $23.48 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CTRI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CTRI bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the CTRI bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 50.40%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CTRI bull call spread?
- The breakeven for the CTRI bull call spread priced on this page is roughly $23.70 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 CTRI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on CTRI?
- Bull call spreads on CTRI reduce the cost of a bullish CTRI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current CTRI implied volatility affect this bull call spread?
- CTRI ATM IV is at 50.40% with IV rank near 15.15%, 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.