$IP

IP Covered Call

Submitted View on X

Strategy Covered Call

Entry date Oct 2, 2026

Net $22.50 debit

Legs

Action	Qty	Expiry	Strike	Type	Premium
Buy	100	-	-	Stock	$31.90
STO	1	Sep 17, 2027	25.00	Call	$9.40

Supporting documents

Trade thesis

$IP buy-write 📄

Buy 100 @ $31.90
STO Sep 17 ’27 $25 call (deep ITM)

Net debit: $22.50/share ($2,250)

Called away at $25 → +$2.50/share = 11.1% in 11.5 mo ≈ 11.6% annualized

+ 4 quarterly dividends ($0.4625 × 4 = $1.85) → another 8.2%

Max total: 19.3% ≈ 20.2% annualized

Breakeven $22.50 = 29.5% downside cushion. IP near 10-yr lows (high $66.94 back in ’18), 5.8% yield, dividend steady since ’21. Paid to wait.

Dividend data via @earningsHubHQ