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 Cabot Oil & Gas (NYSE:COG) jumped 10% today, after announcing earnings.

So what: Revenue rose 38%, to $369.9 million, ahead of the $349.5 million estimate from analysts. Net income was $40.9 million, or $0.19 per share, but on an adjusted basis, the company earned $0.27 per share, $0.06 ahead of estimates.  

Now what: A big jump in production can be credited for the improved results, and the momentum doesn't appear to be slowing down. Proved gas reserves were up 27%, indicating there is plenty of gas to be found in future quarters. Shares are trading at 23 times forward earnings, which looks like a fair price given this quarter's results. I'd like to see shares pull back to get a better buy-in price, but I think they can move higher long-term.

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Fool contributor Travis Hoium has no position in any stocks mentioned. 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 position in any of the stocks mentioned. 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.