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 Newfield Exploration (NYSE:NFX) jumped 10% today after the company released earnings.

So what: Domestic liquids production rose 9% and net production reached 11.7 million barrels of oil equivalent, at the high end of estimates. Earnings per share were $0.45, which was two cents ahead of estimates, ending a string of three straight earnings misses.  

Now what: Management expects to grow domestic liquids production another 12% next quarter and is on track to spend $1.7 billion-$1.9 billion on capital this year. Operationally, the company is performing better than expected and that provides an opportunity for investors. Shares trade at just 9.2 times this year's estimates and I think that's low enough that shares will move higher if the company can continue this operational momentum in coming quarters.

Interested in more info on Newfield Exploration? Add it to your watchlist by clicking here.

Motley Fool contributor Travis Hoium has no position in any stocks mentioned. The 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.