We investigate phase-sensitive amplification (PSA) and phase regeneration of a binary phase-shift keying (BPSK) signal using a single periodically poled lithium niobate (PPLN) waveguide. The PPLN is operated bi-directionally in order to simultaneously achieve phase correlated signals and phase-sensitive (PS) operation. We use injection-locking for carrier phase recovery and a lead zirconate titanate (PZT) fiber stretcher to correct path length deviations in the in-line phase regenerator. We observe a trade-off between high PS gain provided by high pumping power and stability of the device.