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: Shares of Carrizo Oil & Gas (Nasdaq: CRZO) hit a gusher today, jumping as much as 11.1% on above-average trading volume.

So what: Carrizo hit 52-week lows yesterday and bounced back as investors came looking for a deep value. Oil prices bounced in general today as the European debt crisis appears to be heading for some kind of resolution, but it's all-American oil explorers such as Carrizo, SandRidge Energy (NYSE: SD), and Denbury Resources (NYSE: DNR) that are jumping the highest.

Now what: Carrizo is one of the most efficient cash machines and value creators in the oil sector, yet the stock has underperformed the Dow Industrials (INDEX: ^DJI) benchmark over the last one, three, and five years. The time could be right for a reversal of Carrizo's fortunes (or lack thereof). Just keep in mind that those fortunes are tightly tied to the controversial practice of fracking, which could lead to some environmental and/or regulatory roadblocks.

Interested in more information about Carrizo Oil & Gas? Add it to My Watchlist.