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 explorer Pioneer Natural Resources (NYSE:PXD) jumped 15% today after the company released earnings.

So what: Revenue rose 29% from a year ago to $1.18 billion and earnings jumped to $337.3 million. Excluding gains on derivatives and other one-time items earnings were $1.10 per share, which was a penny short of estimates. But the revenue figure easily topped the $900.9 million analysts expected and that's what investors are focused on today.  

Now what: Management also narrowed its production growth guidance for 2013 to 14%-16%, raising the bottom end of the range. High oil prices should also help the company long term, particularly on the bottom line. Given the strong production growth and high oil prices, I think that the stock has room to run, although it's not cheap at 28 times forward earnings estimates.

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.