Options Spotlight: Rowan Companies Inc.
According to Hoover’s, the firm operates Gorilla-class heavy-duty offshore drilling rigs. Rowan performs contract drilling of oil and gas wells. Its fleet consists of 21 jack-up rigs and 29 land-drilling rigs. The company performs contract drilling primarily in Louisiana, Texas, the Gulf of Mexico, off the coast of eastern Canada, and in the North Sea. Rowan plans to maintain its competitive edge by beefing up its current fleet of equipment. Subsidiary LeTourneau operates a mini-steel mill and manufactures heavy equipment including front-end loaders, log stackers, and gantry cranes.
In the Options Spotlight, I shine a light on what’s happening in the options world. In the case of Rowan Companies, call activity has been brisk on the shares as investors attempt to call a bottom to the security’s downtrend. Has this stock’s decline finally reached an end? For a closer look at Rowan Companies and its sentiment backdrop, go to schaeffersresearch.com.
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