Puts Purchased on Rowan Companies (RDC)

Shares of Rowan Companies Inc. RDC are lower on the session by 0.18%, currently trading at $27.97. The stock has been moving largely higher over the past two months and is now trading above the 50-day moving average. Options traders are buying protection on the name today. The September $27.00 put was purchased 1,350 times, on the offer, a short while ago; open interest on the strike is 2,790 contracts. Put volume is now running at 2.23x the daily average. Rowan Companies, Inc. is a provider of international and domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The company operates in three segments: Drilling Services, Drilling Products and Systems, and Mining, Forestry and Steel Products. For more great research like this, as well as how to play it through options…please visit Benzinga’s Options & Volatility Edge and Benzinga’s Cash Generator.