Boyd Gaming Corporation (BYD) Attracting Unusually High Call Options

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Boyd Gaming Corporation (BYD) Attracting Unusually High Call Options

Boyd Gaming Corporation (NYSE:BYD) stock was trending among option traders on Monday as they acquired 6,789 call options, which was unusually high, according to Analyst Ratings Network.com. This is an increase of 129% compared to the average daily volume of 2,963 call options.

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Consensus rating of Hold

Analysts from various research firms have come out with their recommendation on the stock recently. Ascendiant Capital Markets analysts initiated coverage on the stock and assigned Hold rating to the stock, in a research note to the investors on March 25th. FBR Capital Market upgraded the shares and assigned an Outperform rating to Boyd Gaming Corporation (NYSE:BYD) with a price target of $15.75, an increase from $13.00, in a research note to investors on Thursday, March 20th.

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Boyd Gaming Corporation (NYSE:BYD) has a consensus rating of Hold with a price target of $11.69. The stock has a 1 year high of $14.75 and a low of $8.32. For the earnings reported on March 3rd, Boyd Gaming Corporation (NYSE:BYD) reported revenue of $681.00 million compared to the consensus estimate of $686.52 million, an increase of 9.1% year over year. Earnings per share for the company came in at ($0.24), compared to the EPS of ($0.29) from the corresponding quarter of the previous year.

Investigation initiated against Boyd 

A couple of days back, a probe was initiated against Boyd Gaming Corporation (NYSE:BYD) for an alleged breach of fiduciary duties by some executives and directors of the company. The company is undergoing the investigation pertaining to the accusation that the pay of some of the top line executives at the company increased substantially between 2012 and 2013. Compensation of the executive chairman of the Board of Director increased from over $2.33 million in 2012 to over $3.83 million in 2013. Likewise, the pay of the President and CEO increased from over $3.04 million in 2012 to over $5.59 million in 2013, and the executive VP and Chief business development officer’s compensation increased from over $2.29 million in 2012 to over $3.81 million in 2013.

Total revenue of Boyd Gaming Corporation (NYSE:BYD) in 2012 was $2.48 billion and in 2013, it increased to over $2.89 billion. Respectively, net loss of the company dropped from $908.87 million to $80.26 million.

On Monday, shares of Boyd Gaming Corporation (NYSE:BYD) were up 3.85% at $12.14.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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