Investors in British American Tobacco plc (BTI) gained access to new options today, with contracts expiring in July 2028. The $60.00 put contract currently has a bid of $5.60, allowing sellers to commit to purchasing shares at this price while effectively lowering their cost basis to $54.40, which is 8% below the current trading price of $65.18. Data indicates a 67% chance this put contract may expire worthless.
Additionally, there is a $70.00 call contract bid at $5.20, offering potential sellers a total return of 15.37% if shares are called away. This strike price represents a 7% premium over the current trading price, with a 57% likelihood of the call contract also expiring worthless. The implied volatility for the put is 26% and for the call is 27%, while trailing twelve-month volatility is noted at 23%.
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