CTRI Covered Call Strategy
CTRI (Centuri Holdings, Inc.), in the Utilities sector, (Regulated Gas industry), listed on NYSE.
Centuri Holdings, Inc. operates as a utility infrastructure services company in North America. The company operates through four segments: U.S. Gas Utility Services; Canadian Gas Utility Services; Union Electric Utility Services; and Non-Union Electric Utility Services. It offers gas utility services, including maintenance, replacement, repair, and installation for local natural gas distribution utilities focused on the modernization of customers' infrastructure. The company also provides electric utility services encompassing maintenance, replacement, repair, upgrade, and expansion services for urban transmission and local distribution infrastructure. Its customers include electric, gas, and combination utility providers, as well as serves end markets, such as renewable energy, data centers, and 5G datacom.
CTRI (Centuri Holdings, Inc.) trades in the Utilities sector, specifically Regulated Gas, with a market capitalization of approximately $3.24B, a trailing P/E of 104.93, a beta of 1.35 versus the broader market, a 52-week range of 17.97-42.985, average daily share volume of 1.6M, a public-listing history dating back to 2024, approximately 9K 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 1.35 indicates CTRI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 104.93 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 covered call on CTRI?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current CTRI snapshot
As of May 15, 2026, spot at $31.45, ATM IV 52.40%, IV rank 25.72%, expected move 15.02%. The covered call on CTRI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 245-day expiry.
Why this covered call structure on CTRI specifically: CTRI IV at 52.40% is on the cheap side of its 1-year range, which means a premium-selling CTRI covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.02% (roughly $4.72 on the underlying). The 245-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 $31.45 per share and to the trader's directional view on CTRI stock.
CTRI covered call setup
The CTRI covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CTRI near $31.45, the first option leg uses a $32.50 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 245-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 100 shares | Stock | $31.45 | long |
| Sell 1 | Call | $32.50 | $5.40 |
CTRI covered call risk and reward
- Net Premium / Debit
- -$2,605.00
- Max Profit (per contract)
- $645.00
- Max Loss (per contract)
- -$2,604.00
- Breakeven(s)
- $26.05
- Risk / Reward Ratio
- 0.248
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
CTRI covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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% | -$2,604.00 |
| $6.96 | -77.9% | -$1,908.73 |
| $13.92 | -55.8% | -$1,213.47 |
| $20.87 | -33.6% | -$518.20 |
| $27.82 | -11.5% | +$177.07 |
| $34.77 | +10.6% | +$645.00 |
| $41.73 | +32.7% | +$645.00 |
| $48.68 | +54.8% | +$645.00 |
| $55.63 | +76.9% | +$645.00 |
| $62.58 | +99.0% | +$645.00 |
When traders use covered call on CTRI
Covered calls on CTRI are an income strategy run on existing CTRI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CTRI thesis for this covered call
The market-implied 1-standard-deviation range for CTRI extends from approximately $26.73 on the downside to $36.17 on the upside. A CTRI covered call collects premium on an existing long CTRI position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CTRI will breach that level within the expiration window. Current CTRI IV rank near 25.72% 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 52.40%. 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 covered call positions are structurally neutral to slightly 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. Short-premium structures like a covered call on CTRI carry tail risk when realized volatility exceeds the implied move; review historical CTRI earnings reactions and macro stress periods before sizing. Always rebuild the position from current CTRI chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on CTRI?
- A covered call on CTRI is the covered call strategy applied to CTRI (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With CTRI stock trading near $31.45, the strikes shown on this page are snapped to the nearest listed CTRI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CTRI covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the CTRI covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 52.40%), the computed maximum profit is $645.00 per contract and the computed maximum loss is -$2,604.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CTRI covered call?
- The breakeven for the CTRI covered call priced on this page is roughly $26.05 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CTRI market-implied 1-standard-deviation expected move is approximately 15.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on CTRI?
- Covered calls on CTRI are an income strategy run on existing CTRI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current CTRI implied volatility affect this covered call?
- CTRI ATM IV is at 52.40% with IV rank near 25.72%, 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.