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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 LRR Energy (NYSE: LRE ) jumped 10% today after updating second-quarter operating results.
So what: Management said that production during April and May averaged 6,450 barrels of oil equivalent per day. That was up from 5,900 Boe/d in the first quarter, and at the high end of the expected production for the year of between 6,250 and 6,550 Boe/d.
Now what: The results were within expectations, but investors clearly think the company can outperform management's guidance this year. They didn't change guidance giving the second quarter results, so officially, the outlook remains the same, but investors' are raising the bar today. I think this is a positive sign, but, with the company posting a loss in the first quarter, I'd like to see a solid profit before jumping in.
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