Calls trade in BWP
Shares of Boardwalk Pipeline Partners (BWP) are up .37 to 13.90 today. ?BWP is in the lower end of the 52-week range.
Today paper traded 11468 BWP Jun 12.5 calls at 1.60.? The ADV is 4621 contracts.? The OI is 27728 contracts.
The volume went up in one large block marked as sold last.? The Sep 15 calls trade 22k on a .90 buy but the trades did not go up marked spread even though they hit the tape at the same time.?
The trades could be a roll from the Jun to the Sep as BWP works its way back up from the bid drop two months ago.? Large paper in here has had go timing when we last reported BWP.? This looks like a roll to keep a long position since the trader is buying Sep.
From March 18’s trade:
“Shares of Boardwalk Pipeline Partners (BWP) are even today at 12.50. BWP is near the bottom of the 52 week range.
Today paper traded 4900 BWP Apr 12.5 puts at 1.20.? ADV is 2911.? The OI is 5536 contracts.
The paper went up in one large block which looks like closing paper.? It looks like the customer closed out a long put position.? There are heavy buyers of the Jun 12.5 and 15 calls as well which looks like closing paper.? A trader who had a large short call/long put position looks to be exiting at the near term lows for the stock.?
30-day implied volatility is 38%. 10-day implied volatility is 32%.? 30-day implied volatility is trading above the 10-day historical volatility.
Boardwalk Pipeline Partners, LP (BWP) is a limited partnership company. It owns and operates three interstate natural gas pipeline systems including integrated storage facilities. Its business is conducted by its primary subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its subsidiaries, Gulf Crossing Pipeline Company LLC (Gulf Crossing), Gulf South Pipeline Company, LP (Gulf South) and Texas Gas Transmission, LLC (Texas Gas) (together, the operating subsidiaries), which consists of integrated natural gas pipeline and storage systems.