TPC Long Put Strategy
TPC (Tutor Perini Corporation), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.
Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide. It operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in the public works construction and the replacement and reconstruction of infrastructure, construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities. This segment also provides drilling, foundation, and excavation support for shoring, bridges, piers, roads, and highway projects. The Building segment offers services in various specialized building markets, including hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, and industrial and technology. The Specialty Contractors segment provides electrical, mechanical, plumbing, and fire protection systems, as well as heating, ventilation, and air conditioning services (HVAC) for the industrial, commercial, hospitality and gaming, and mass-transit end markets.
TPC (Tutor Perini Corporation) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $4.26B, a trailing P/E of 54.42, a beta of 2.19 versus the broader market, a 52-week range of 34.32-100, average daily share volume of 610K, a public-listing history dating back to 1973, approximately 8K full-time employees. These structural characteristics shape how TPC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.19 indicates TPC 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 54.42 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. TPC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on TPC?
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 TPC snapshot
As of May 15, 2026, spot at $79.24, ATM IV 47.50%, IV rank 22.99%, expected move 13.62%. The long put on TPC 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 63-day expiry.
Why this long put structure on TPC specifically: TPC IV at 47.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a TPC long put, with a market-implied 1-standard-deviation move of approximately 13.62% (roughly $10.79 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TPC expiries trade a higher absolute premium for lower per-day decay. Position sizing on TPC should anchor to the underlying notional of $79.24 per share and to the trader's directional view on TPC stock.
TPC long put setup
The TPC 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 TPC near $79.24, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TPC chain at a 63-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 TPC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $80.00 | $6.05 |
TPC long put risk and reward
- Net Premium / Debit
- -$605.00
- Max Profit (per contract)
- $7,394.00
- Max Loss (per contract)
- -$605.00
- Breakeven(s)
- $73.95
- Risk / Reward Ratio
- 12.221
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
TPC long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on TPC. 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% | +$7,394.00 |
| $17.53 | -77.9% | +$5,642.07 |
| $35.05 | -55.8% | +$3,890.14 |
| $52.57 | -33.7% | +$2,138.21 |
| $70.09 | -11.6% | +$386.28 |
| $87.61 | +10.6% | -$605.00 |
| $105.13 | +32.7% | -$605.00 |
| $122.65 | +54.8% | -$605.00 |
| $140.16 | +76.9% | -$605.00 |
| $157.68 | +99.0% | -$605.00 |
When traders use long put on TPC
Long puts on TPC hedge an existing long TPC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TPC exposure being hedged.
TPC thesis for this long put
The market-implied 1-standard-deviation range for TPC extends from approximately $68.45 on the downside to $90.03 on the upside. A TPC long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long TPC position with one put per 100 shares held. Current TPC IV rank near 22.99% 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 TPC at 47.50%. As a Industrials name, TPC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TPC-specific events.
TPC 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. TPC positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TPC alongside the broader basket even when TPC-specific fundamentals are unchanged. Long-premium structures like a long put on TPC 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 TPC chain quotes before placing a trade.
Frequently asked questions
- What is a long put on TPC?
- A long put on TPC is the long put strategy applied to TPC (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 TPC stock trading near $79.24, the strikes shown on this page are snapped to the nearest listed TPC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TPC 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 TPC long put priced from the end-of-day chain at a 30-day expiry (ATM IV 47.50%), the computed maximum profit is $7,394.00 per contract and the computed maximum loss is -$605.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TPC long put?
- The breakeven for the TPC long put priced on this page is roughly $73.95 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 TPC market-implied 1-standard-deviation expected move is approximately 13.62%; 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 TPC?
- Long puts on TPC hedge an existing long TPC stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TPC exposure being hedged.
- How does current TPC implied volatility affect this long put?
- TPC ATM IV is at 47.50% with IV rank near 22.99%, 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.