Analysis of Surgery Partners Options Trading
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 03 2026
0mins
Should l Buy SGRY?
Source: NASDAQ.COM
- Options Selling Risks: Selling puts on Surgery Partners does not provide the same upside potential as owning shares, as the seller only acquires shares if the contract is exercised, and if the stock does not fall to $7.50, the only benefit is a 48.7% annualized return from the premium.
- Cost Basis Analysis: If Surgery Partners' shares decline by 41.4% and the contract is exercised, the seller's cost basis would be $7.05 per share after commissions, indicating that actual returns are influenced by market prices, highlighting the complexity of options trading.
- Historical Volatility Reference: With a trailing twelve-month volatility of 52% calculated from the last 251 trading days, this metric provides crucial insight for investors assessing the risk-reward profile of selling puts at the $7.50 strike price.
- Market Sentiment Indicator: During mid-afternoon trading on Tuesday, the put volume among S&P 500 components reached 1.01 million contracts, matching call volume, indicating a higher demand for puts than the long-term median ratio of 0.65, reflecting investor concerns about downside risks in the market.
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Analyst Views on SGRY
Wall Street analysts forecast SGRY stock price to rise
11 Analyst Rating
8 Buy
3 Hold
0 Sell
Moderate Buy
Current: 11.600
Low
18.00
Averages
26.30
High
36.00
Current: 11.600
Low
18.00
Averages
26.30
High
36.00
About SGRY
Surgery Partners, Inc. is a healthcare services company. The Company, through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services. The Company operates through the Surgical Facility segment, which includes the operation of ambulatory surgery centers (ASCs), surgical hospitals, anesthesia services, urgent care facilities and multi-specialty physician practices. Its surgical facilities primarily provide non-emergency surgical procedures across many specialties, including, among others, orthopedics and pain management, ophthalmology, gastroenterology (GI) and general surgery. The Company operates a portfolio of approximately 162 surgical facilities comprised of 175 ASCs and 19 surgical hospitals. The Company is focused on surgical services businesses in the United States, with over 200 locations in 30 states, including short-stay surgical hospitals.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Stake Reduction: Irenic Capital Management sold 1,047,583 shares of Surgery Partners in Q4 2025, valued at approximately $19.25 million, indicating a loss of confidence as the remaining stake now represents only 0.09% of its $1.49 billion assets under management.
- Financial Performance: Despite the sell-off, Surgery Partners reported a 6.6% increase in Q3 revenue to $821.5 million, with Adjusted EBITDA rising 6.1% to $136.4 million, suggesting that operationally the company remains stable and resilient.
- Market Performance Analysis: As of February 17, 2026, Surgery Partners' stock price stood at $15.60, reflecting a 39.7% decline over the past year, significantly underperforming the S&P 500 by 51.61 percentage points, which raises concerns about its growth prospects.
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Surgery Partners Prices $425 Million Senior Unsecured Notes Offering
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- Clear Use of Proceeds: The net proceeds from this offering will be utilized for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility, thereby optimizing the company's financial position and reducing interest burdens.
- Market Positioning: This bond issuance continues the company's strategy following the initial $800 million offering of similar notes in April 2024, indicating ongoing expansion and financing capabilities in the healthcare services sector.
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- Revenue Guidance Cut: Surgery Partners has lowered its full-year revenue guidance to a range of $3.275 billion to $3.3 billion, primarily due to delays in capital deployment and lost earnings from divestitures, indicating significant uncertainty in the company's market position.
- EBITDA Forecast Adjustment: The adjusted EBITDA guidance has been revised down to between $535 million and $540 million, reflecting a cautious outlook on the commercial payer mix and volume in Q4, which may impact future profitability.
- Stock Price Plunge: Following the earnings report on November 10, Surgery Partners' stock price fell by $5.47, or 25.42%, closing at $16.04 per share, demonstrating strong investor concern regarding the company's outlook.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether Surgery Partners and its executives engaged in securities fraud or other unlawful business practices, potentially leading to further legal risks and financial repercussions.
See More
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- Stock Market Decline: The S&P 500 index fell by 2.18%, reaching a 3.25-month low, indicating market concerns over the Iran conflict that may lead to decreased investor confidence and increased volatility.
- Surge in Oil Prices: WTI crude oil prices rose over 8% to an 8.5-month high due to Iran's threats to close the Strait of Hormuz, potentially causing long-term disruptions in global energy markets and raising inflation expectations.
- Rising Bond Yields: The 10-year German bund yield climbed to a 2.5-week high of 2.814%, reflecting market worries about future inflation, which may prompt investors to shift towards bonds for safety.
- Economic Data Focus: This week, the market will focus on U.S. employment data and economic indicators, with the ADP employment change expected to rise by 40,000 and the ISM services index anticipated to slip slightly, indicating potential economic slowdown.
See More
Global Stock Markets Plunge as Oil Prices Surge Amid Iran Conflict
- Market Decline: The S&P 500 index fell by 1.82%, the Dow Jones Industrial Average dropped by 2.07%, and the Nasdaq 100 decreased by 1.78%, marking a 2.5-month low for the S&P 500, indicating growing concerns about the global economic outlook.
- Surging Oil Prices: WTI crude oil prices surged over 7% to an 8.5-month high due to escalating conflict in Iran, raising fears of energy supply disruptions and increasing inflation expectations, which negatively impact stock market performance.
- Rising Bond Yields: The 10-year German bund yield reached a 2.5-week high of 2.814%, while the 10-year UK gilt yield climbed to a 3-week high of 4.536%, reflecting market concerns over future inflation, further pressuring stock prices.
- Earnings Outlook: Despite market volatility, 73% of S&P 500 companies exceeded earnings expectations, with Q4 earnings growth projected at 8.4%, indicating strong corporate fundamentals, yet market sentiment remains subdued.
See More
Ouster Inc Reports Strong Q4 Results, Shares Surge
- Strong Performance: Ouster Inc reported fourth-quarter revenue of $62.18 million, surpassing analyst expectations of $41.1 million, indicating robust market performance that is likely to boost investor confidence.
- Loss Improvement: The company reported a fourth-quarter loss of six cents per share, significantly better than the expected loss of 35 cents, demonstrating substantial progress in cost control and operational efficiency.
- Stock Price Surge: Ouster's shares jumped 13.8% to $23.04 in pre-market trading, reflecting a positive market reaction to its financial results, which may attract more investor interest.
- Optimistic Outlook: Ouster issued first-quarter sales guidance above estimates, signaling strong future prospects that could further drive stock price increases and enhance market confidence in its growth trajectory.
See More
Irenic Capital Management Cuts Stake in Surgery Partners by Over 1 Million Shares
- Stake Reduction: Irenic Capital Management sold 1,047,583 shares of Surgery Partners in Q4 2025, valued at approximately $19.25 million, indicating a loss of confidence as the remaining stake now represents only 0.09% of its $1.49 billion assets under management.
- Financial Performance: Despite the sell-off, Surgery Partners reported a 6.6% increase in Q3 revenue to $821.5 million, with Adjusted EBITDA rising 6.1% to $136.4 million, suggesting that operationally the company remains stable and resilient.
- Market Performance Analysis: As of February 17, 2026, Surgery Partners' stock price stood at $15.60, reflecting a 39.7% decline over the past year, significantly underperforming the S&P 500 by 51.61 percentage points, which raises concerns about its growth prospects.
- Debt Risk Consideration: The company's net debt to EBITDA ratio is approximately 4.2x, and in the context of a high interest rate environment, this leverage could amplify risks for investors, thereby affecting market confidence in its stock.
See More
Surgery Partners Prices $425 Million Senior Unsecured Notes Offering
- Bond Offering Size: Surgery Partners' subsidiary, Surgery Center Holdings, Inc., successfully priced $425 million of 7.250% senior unsecured notes, expected to close on December 16, 2025, enhancing the company's capital structure to support future growth.
- Clear Use of Proceeds: The net proceeds from this offering will be utilized for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility, thereby optimizing the company's financial position and reducing interest burdens.
- Market Positioning: This bond issuance continues the company's strategy following the initial $800 million offering of similar notes in April 2024, indicating ongoing expansion and financing capabilities in the healthcare services sector.
- Compliance Assurance: The notes are being offered only to persons reasonably believed to be
See More
Surgery Partners Lowers Full-Year Revenue Guidance, Stock Plummets 25.42%
- Revenue Guidance Cut: Surgery Partners has lowered its full-year revenue guidance to a range of $3.275 billion to $3.3 billion, primarily due to delays in capital deployment and lost earnings from divestitures, indicating significant uncertainty in the company's market position.
- EBITDA Forecast Adjustment: The adjusted EBITDA guidance has been revised down to between $535 million and $540 million, reflecting a cautious outlook on the commercial payer mix and volume in Q4, which may impact future profitability.
- Stock Price Plunge: Following the earnings report on November 10, Surgery Partners' stock price fell by $5.47, or 25.42%, closing at $16.04 per share, demonstrating strong investor concern regarding the company's outlook.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether Surgery Partners and its executives engaged in securities fraud or other unlawful business practices, potentially leading to further legal risks and financial repercussions.
See More
