KEN Long Put Strategy
KEN (Kenon Holdings Ltd.), in the Utilities sector, (Independent Power Producers industry), listed on NYSE.
Kenon Holdings Ltd. is a global enterprise that, through its various subsidiaries, owns, develops, and manages power generation facilities across Israel, the United States, and other international markets. The company's operations are divided into four main segments: OPC Israel, CPV Group, ZIM, and Quantum. Its activities include the generation and supply of electricity and other energy forms, as well as the complete lifecycle management (development, construction, and operation) of both renewable energy projects and conventional natural gas power plants. Furthermore, Kenon is involved in automobile manufacturing and provides container liner shipping services. As of December 31, 2021, the company reported an approximate installed capacity of 610 megawatts and managed a fleet of 118 vessels. Kenon Holdings Ltd. was established in 2014, has its headquarters in Singapore, and functions as a subsidiary of Ansonia Holdings Singapore B.V.
KEN (Kenon Holdings Ltd.) trades in the Utilities sector, specifically Independent Power Producers, with a market capitalization of approximately $3.43B, a trailing P/E of 43.00, a beta of 0.32 versus the broader market, a 52-week range of 39.885-95.93, average daily share volume of 28K, a public-listing history dating back to 2015, approximately 344 full-time employees. These structural characteristics shape how KEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.32 indicates KEN 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 43.00 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. KEN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on KEN?
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 KEN snapshot
As of June 30, 2026, spot at $66.98, ATM IV 38.20%, IV rank 4.82%, expected move 10.95%. The long put on KEN 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 KEN specifically: KEN IV at 38.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a KEN long put, with a market-implied 1-standard-deviation move of approximately 10.95% (roughly $7.34 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 KEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on KEN should anchor to the underlying notional of $66.98 per share and to the trader's directional view on KEN stock.
KEN long put setup
The KEN 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 KEN near $66.98, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KEN 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 KEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $65.00 | $1.28 |
KEN long put risk and reward
- Net Premium / Debit
- -$127.50
- Max Profit (per contract)
- $6,371.50
- Max Loss (per contract)
- -$127.50
- Breakeven(s)
- $63.73
- Risk / Reward Ratio
- 49.973
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
KEN long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on KEN. 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% | +$6,371.50 |
| $14.82 | -77.9% | +$4,890.65 |
| $29.63 | -55.8% | +$3,409.79 |
| $44.44 | -33.7% | +$1,928.94 |
| $59.24 | -11.5% | +$448.08 |
| $74.05 | +10.6% | -$127.50 |
| $88.86 | +32.7% | -$127.50 |
| $103.67 | +54.8% | -$127.50 |
| $118.48 | +76.9% | -$127.50 |
| $133.29 | +99.0% | -$127.50 |
When traders use long put on KEN
Long puts on KEN hedge an existing long KEN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying KEN exposure being hedged.
KEN thesis for this long put
The market-implied 1-standard-deviation range for KEN extends from approximately $59.64 on the downside to $74.32 on the upside. A KEN long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long KEN position with one put per 100 shares held. Current KEN IV rank near 4.82% 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 KEN at 38.20%. As a Utilities name, KEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KEN-specific events.
KEN 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. KEN positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KEN alongside the broader basket even when KEN-specific fundamentals are unchanged. Long-premium structures like a long put on KEN 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 KEN chain quotes before placing a trade.
Frequently asked questions
- What is a long put on KEN?
- A long put on KEN is the long put strategy applied to KEN (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 KEN stock trading near $66.98, the strikes shown on this page are snapped to the nearest listed KEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KEN 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 KEN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is $6,371.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KEN long put?
- The breakeven for the KEN long put priced on this page is roughly $63.73 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 KEN market-implied 1-standard-deviation expected move 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 long put on KEN?
- Long puts on KEN hedge an existing long KEN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying KEN exposure being hedged.
- How does current KEN implied volatility affect this long put?
- KEN ATM IV is at 38.20% with IV rank near 4.82%, 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.