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 oil and gas producer Berry Petroleum (UNKNOWN:BRY.DL) fell 12% today, after reporting earnings.

So what: In the third quarter, revenue rose 6.6%, to $244.8 million, barely topping estimates. But that didn't translate to the profit that investors expected, and adjusted earnings per share of $0.71 fell $0.08 short of estimates.

Now what: The good news is that Berry is still profitable at these low energy prices, unlike a lot of its competitors. Analysts are expecting $3.37 per share in earnings this year and, even if the company falls short because of this quarter, the stock will still trade at just over 10 times earnings. I think that gives Berry nice upside if commodity prices improve, and makes today's dip a nice buying opportunity for investors.

Interested in more info on Berry Petroleum? Add it to your watchlist by clicking here.

 

Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDrawThe Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.