Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Natural gas transporter Williams Companies (NYSE: WMB) saw its shares surge as high 11% in early trading, after a Wall Street analyst maintained its buy rating on the stock.

So what: Just yesterday, Williams announced that CEO Steve Malcolm, who served as chairman and CEO since 2002, would retire at the end of the year. However, Citigroup (NYSE: C) seems relatively confident in replacement Alan Armstrong, who served as President of the Midstream segment, as the firm kept its $28.50 price target on the stock.

Now what: Malcolm was instrumental in helping Williams recover from the Enron-induced collapse of the energy-trading markets in 2002. While his leadership will be missed, Williams is now chock full of attractive growth assets in all three of its businesses -- E&P, gas midstream, and gas pipeline. With Citigroup's price target still leaving decent upside even after today's pop, Williams remains a decent bet on natural gas, along with close foes such as Dynegy (NYSE: DYN) and El Paso (NYSE: EP).

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