Today's selection is Rowan Companies (RDC)

Shares closed Monday's trading at $33.39. Rowan provides offshore drilling services in the Gulf of Mexico, the Middle East and the North Sea. In the past year, the company took great lengths to diversify its business away from just the Gulf of Mexico and obtained several long-term commitments abroad. In addition to its offshore drilling services, Rowan also produces equipment for the drilling, mining and timber industries.

At the current level, Rowan is trading 26% off of its 52-week high. What makes Rowan truly special is that the company is trading at only 1.91 times its book value. Rarely can an investor find a bargain so cheap. At its present price, Rowan's stock is trading minimally higher than the value of its assets. Not only does this provide great downside protection, it also provides a great incentive for investors to put their money into this stock. In addition, Rowan boasts a P/E ratio of 11.73 and a forward P/E of 6.35. These statistics indicate Rowan's value and growth.

In mid-March, the stock's price broke into technically positive terrain when it crossed over the 50-day moving average with much momentum. The 50-day had been moving downward beginning at the new year until mid-March, when it finally leveled off and turned positive. Rowan now stands above its 200-day simple moving average at $32.91, which will provide support, and the 50-day SMA represents the second support at $31.54.