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 Northern Oil and Gas (AMEX: NOG) were crushed today, falling 12% after the company released earnings.

So what: Revenue jumped to $69.1 million, but when you look at just oil and gas sales, revenue was a little disappointing at $43.7 million. Adjusted earnings per share were just $0.19, falling below the $0.22 analysts had expected.

Now what: Production is increasing rapidly, and sometimes it's hard to guess exactly what production and earnings will be, which accounts for most of the difference between analysts' guesses and reality. With Northern Oil and Gas growing quickly and profitably, I wouldn't be overly concerned about an earnings miss right now. And the gain on derivative instruments should make up for any shortfall in production in the near term.

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