ENSG Long Put Strategy
ENSG (The Ensign Group, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
The Ensign Group, Inc. operates as a healthcare provider, primarily concentrating on post-acute care services, alongside other supporting business ventures. The company's activities are organized into two main divisions: Skilled Services and Real Estate. Within its Skilled Services segment, Ensign provides extensive short-term and long-term nursing care tailored for patients recovering from extended illnesses, managing chronic health conditions, or requiring elder care. This division also encompasses a variety of rehabilitative therapies, such as physical, occupational, and speech therapy, among other specialized healthcare provisions. Beyond direct medical care, the company furnishes essential amenities like lodging, customized dietary programs, and opportunities for social engagement, recreation, and entertainment. Ensign additionally manages senior living facilities and delivers convenient mobile diagnostic services.
ENSG (The Ensign Group, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $9.53B, a trailing P/E of 25.92, a beta of 0.68 versus the broader market, a 52-week range of 134.79-218, average daily share volume of 765K, a public-listing history dating back to 2007, approximately 39K full-time employees. These structural characteristics shape how ENSG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.68 indicates ENSG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ENSG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on ENSG?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current ENSG snapshot
As of June 30, 2026, spot at $160.33, ATM IV 44.30%, IV rank 73.65%, expected move 12.70%. The long put on ENSG 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 17-day expiry.
Why this long put structure on ENSG specifically: ENSG IV at 44.30% is rich versus its 1-year range, which makes a premium-buying ENSG long put relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 12.70% (roughly $20.36 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENSG expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENSG should anchor to the underlying notional of $160.33 per share and to the trader's directional view on ENSG stock.
ENSG long put setup
The ENSG long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ENSG near $160.33, the first option leg uses a $160.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENSG chain at a 17-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 ENSG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $160.00 | $5.70 |
ENSG long put risk and reward
- Net Premium / Debit
- -$570.00
- Max Profit (per contract)
- $15,429.00
- Max Loss (per contract)
- -$570.00
- Breakeven(s)
- $154.30
- Risk / Reward Ratio
- 27.068
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ENSG long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on ENSG. 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% | +$15,429.00 |
| $35.46 | -77.9% | +$11,884.13 |
| $70.91 | -55.8% | +$8,339.25 |
| $106.36 | -33.7% | +$4,794.38 |
| $141.80 | -11.6% | +$1,249.50 |
| $177.25 | +10.6% | -$570.00 |
| $212.70 | +32.7% | -$570.00 |
| $248.15 | +54.8% | -$570.00 |
| $283.60 | +76.9% | -$570.00 |
| $319.05 | +99.0% | -$570.00 |
When traders use long put on ENSG
Long puts on ENSG hedge an existing long ENSG stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ENSG exposure being hedged.
ENSG thesis for this long put
The market-implied 1-standard-deviation range for ENSG extends from approximately $139.97 on the downside to $180.69 on the upside. A ENSG long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ENSG position with one put per 100 shares held. Current ENSG IV rank near 73.65% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ENSG at 44.30%. As a Healthcare name, ENSG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENSG-specific events.
ENSG long put positions are structurally bearish; 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. ENSG positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ENSG alongside the broader basket even when ENSG-specific fundamentals are unchanged. Long-premium structures like a long put on ENSG 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 ENSG chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ENSG?
- A long put on ENSG is the long put strategy applied to ENSG (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ENSG stock trading near $160.33, the strikes shown on this page are snapped to the nearest listed ENSG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ENSG long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ENSG long put priced from the end-of-day chain at a 30-day expiry (ATM IV 44.30%), the computed maximum profit is $15,429.00 per contract and the computed maximum loss is -$570.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ENSG long put?
- The breakeven for the ENSG long put priced on this page is roughly $154.30 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 ENSG market-implied 1-standard-deviation expected move is approximately 12.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on ENSG?
- Long puts on ENSG hedge an existing long ENSG stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ENSG exposure being hedged.
- How does current ENSG implied volatility affect this long put?
- ENSG ATM IV is at 44.30% with IV rank near 73.65%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.