SU Long Put Strategy
SU (Suncor Energy Inc.), in the Energy sector, (Oil & Gas Integrated industry), listed on NYSE.
Suncor Energy Inc. operates as a fully integrated energy enterprise. Its primary focus involves the development of hydrocarbon resources, particularly within Canada's Athabasca oil sands region. Globally, the company undertakes the exploration, acquisition, development, production, transportation, refining, and marketing of crude oil. Domestically, it distributes petroleum and petrochemical products, predominantly under the Petro-Canada brand. Suncor's operations are divided into several key segments: The Oil Sands division extracts bitumen through both mining and in-situ techniques, converting it into refinery feedstock and diesel, or blending it for direct market sale. The Exploration and Production segment manages offshore assets off Canada's East Coast and in the North Sea, in addition to onshore properties in Libya and Syria.
SU (Suncor Energy Inc.) trades in the Energy sector, specifically Oil & Gas Integrated, with a market capitalization of approximately $63.64B, a trailing P/E of 14.36, a beta of 0.56 versus the broader market, a 52-week range of 37.23-70.29, average daily share volume of 4.3M, a public-listing history dating back to 1980, approximately 15K full-time employees. These structural characteristics shape how SU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.56 indicates SU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on SU?
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 SU snapshot
As of June 29, 2026, spot at $53.77, ATM IV 32.37%, IV rank 57.92%, expected move 9.28%. The long put on SU 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 32-day expiry.
Why this long put structure on SU specifically: SU IV at 32.37% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 9.28% (roughly $4.99 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SU expiries trade a higher absolute premium for lower per-day decay. Position sizing on SU should anchor to the underlying notional of $53.77 per share and to the trader's directional view on SU stock.
SU long put setup
The SU 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 SU near $53.77, the first option leg uses a $54.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SU chain at a 32-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 SU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $54.00 | $2.15 |
SU long put risk and reward
- Net Premium / Debit
- -$215.00
- Max Profit (per contract)
- $5,184.00
- Max Loss (per contract)
- -$215.00
- Breakeven(s)
- $51.85
- Risk / Reward Ratio
- 24.112
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
SU long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on SU. 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% | +$5,184.00 |
| $11.90 | -77.9% | +$3,995.23 |
| $23.79 | -55.8% | +$2,806.45 |
| $35.67 | -33.7% | +$1,617.68 |
| $47.56 | -11.5% | +$428.90 |
| $59.45 | +10.6% | -$215.00 |
| $71.34 | +32.7% | -$215.00 |
| $83.22 | +54.8% | -$215.00 |
| $95.11 | +76.9% | -$215.00 |
| $107.00 | +99.0% | -$215.00 |
When traders use long put on SU
Long puts on SU hedge an existing long SU stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SU exposure being hedged.
SU thesis for this long put
The market-implied 1-standard-deviation range for SU extends from approximately $48.78 on the downside to $58.76 on the upside. A SU long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long SU position with one put per 100 shares held. Current SU IV rank near 57.92% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on SU should anchor more to the directional view and the expected-move geometry. As a Energy name, SU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SU-specific events.
SU 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. SU positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SU alongside the broader basket even when SU-specific fundamentals are unchanged. Long-premium structures like a long put on SU 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 SU chain quotes before placing a trade.
Frequently asked questions
- What is a long put on SU?
- A long put on SU is the long put strategy applied to SU (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 SU stock trading near $53.77, the strikes shown on this page are snapped to the nearest listed SU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SU 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 SU long put priced from the end-of-day chain at a 30-day expiry (ATM IV 32.37%), the computed maximum profit is $5,184.00 per contract and the computed maximum loss is -$215.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SU long put?
- The breakeven for the SU long put priced on this page is roughly $51.85 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 SU market-implied 1-standard-deviation expected move is approximately 9.28%; 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 SU?
- Long puts on SU hedge an existing long SU stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SU exposure being hedged.
- How does current SU implied volatility affect this long put?
- SU ATM IV is at 32.37% with IV rank near 57.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.