Rowan

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Last up is oil and gas driller Rowan ( RDC). Rowan has been providing specialized drilling services and equipment for oil and gas companies for the better part of the last century, an asset-intense business that has the potential to hemorrhage cash under the wrong conditions.

But Rowan has gotten it right in the last decade -- and the firm stands to benefit from sustained high oil prices in 2012.

Rowan didn't always cut a fine figure for investors; over the course of the last several years, though, the company has shed its less attractive businesses and used the proceeds to focus solely on higher-margin offshore drilling. That major shift in focus means that RDC is one of the more speculative names on our bargain bin list, but as you might imagine, that means Rowan may not be trading so cheaply for long.

Profitability has been anemic in the last year as RDC brought new rig assets online. That means that profit metrics like P/E don't provide a very accurate picture of this stock's value. But price-to-book value does; presently, the firm trades for a P/B value of just under one. Compare that to rival drillers that typically trade for a P/B multiple of 2 or more.

With high oil prices sending demand for deepwater rigs on the rise, RDC should be a major beneficiary. Keep an eye out for earnings on May 2.

Rowan shows up on a list of 15 Stocks to Rdie the Energy Boom of the Next Decade.

To see these value-centric names in action, check out the Bargain Bin Buys 2012 portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.

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