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 Hercules Offshore (NASDAQ:HERO) rose as much as 10% today after being upgraded by two analysts.

So what: Analysts at both Stephens and Deutsche Bank upgraded the stock to buy ratings before the market opened today. The company also released a fleet status report after the market closed last night that gave investors some confidence.

Now what: Hercules is focused on the shallow-water drilling market, which has been crushed in recent years. But both utilization and day rates are improving almost across the board, which should be a long-term positive for the company. I'd still prefer to focus on ultra-deepwater, which has more long-term demand, but there's a strong possibility that this stock could rally short term on the positive data and upgrades.

Interested in more info on Hercules Offshore? Add it to your watchlist by clicking here.

link

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 TMFFlushDraw

The 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.