Investors in Suncor Energy Inc (Symbol: SU) saw new options begin trading today for the September 25th expiration. A notable put contract at the $60.00 strike price has a current bid of $0.35, allowing investors to purchase shares at an effective cost basis of $59.65, a discount compared to the current trading price of $60.69. There’s a 58% likelihood that this put contract may expire worthless.
Additionally, a call contract at the $62.00 strike price is trading with a bid of $0.45. If investors buy shares at the current price and sell this covered call, they could realize a total return of 2.90% if the stock gets called away. However, there’s a 54% chance that this contract will also expire worthless, permitting investors to retain both their shares and the premium collected. The trading history indicates the $60.00 and $62.00 strike prices are approximately 1% and 2% out-of-the-money, respectively.
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