UTL Iron Condor Strategy
UTL (Unitil Corporation), in the Utilities sector, (Diversified Utilities industry), listed on NYSE.
Unitil Corporation, a public utility holding company, engages in the distribution of electricity and natural gas. It operates through three segments: Utility Electric Operations, Utility Gas Operations, and Non-Regulated. The company distributes electricity in the southeastern seacoast and state capital regions of New Hampshire, and the greater Fitchburg area of north central Massachusetts; and distributes natural gas in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area, as well as the greater Fitchburg area of north central Massachusetts. It also operates 86 miles of interstate underground natural gas transmission pipeline that provides interstate natural gas pipeline access and transportation services primarily in Maine and New Hampshire. In addition, the company provides energy brokering and advisory services to commercial and industrial customers; and real estate management services. It serves approximately 107,700 electric customers and 86,600 natural gas customers.
UTL (Unitil Corporation) trades in the Utilities sector, specifically Diversified Utilities, with a market capitalization of approximately $916.5M, a trailing P/E of 16.31, a beta of 0.33 versus the broader market, a 52-week range of 44.61-55.34, average daily share volume of 134K, a public-listing history dating back to 1985, approximately 565 full-time employees. These structural characteristics shape how UTL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.33 indicates UTL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. UTL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on UTL?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current UTL snapshot
As of May 15, 2026, spot at $50.47, ATM IV 31.10%, IV rank 5.15%, expected move 8.92%. The iron condor on UTL 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 34-day expiry.
Why this iron condor structure on UTL specifically: UTL IV at 31.10% is on the cheap side of its 1-year range, which means a premium-selling UTL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.92% (roughly $4.50 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on UTL should anchor to the underlying notional of $50.47 per share and to the trader's directional view on UTL stock.
UTL iron condor setup
The UTL iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UTL near $50.47, the first option leg uses a $52.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UTL chain at a 34-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 UTL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $52.99 | N/A |
| Buy 1 | Call | $55.52 | N/A |
| Sell 1 | Put | $47.95 | N/A |
| Buy 1 | Put | $45.42 | N/A |
UTL iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
UTL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UTL. 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.
When traders use iron condor on UTL
Iron condors on UTL are a delta-neutral premium-collection structure that profits if UTL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UTL thesis for this iron condor
The market-implied 1-standard-deviation range for UTL extends from approximately $45.97 on the downside to $54.97 on the upside. A UTL iron condor is a delta-neutral premium-collection structure that pays off when UTL stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current UTL IV rank near 5.15% 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 UTL at 31.10%. As a Utilities name, UTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UTL-specific events.
UTL iron condor positions are structurally neutral / range-bound; 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. UTL positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UTL alongside the broader basket even when UTL-specific fundamentals are unchanged. Short-premium structures like a iron condor on UTL carry tail risk when realized volatility exceeds the implied move; review historical UTL earnings reactions and macro stress periods before sizing. Always rebuild the position from current UTL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UTL?
- A iron condor on UTL is the iron condor strategy applied to UTL (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With UTL stock trading near $50.47, the strikes shown on this page are snapped to the nearest listed UTL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UTL iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the UTL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 31.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UTL iron condor?
- The breakeven for the UTL iron condor priced on this page is no defined breakeven on the modeled curve 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 UTL market-implied 1-standard-deviation expected move is approximately 8.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on UTL?
- Iron condors on UTL are a delta-neutral premium-collection structure that profits if UTL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UTL implied volatility affect this iron condor?
- UTL ATM IV is at 31.10% with IV rank near 5.15%, 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.