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: Sharees of energy producer Midstates Petroleum (NYSE:MPO) fell 10% today after the company reported earnings.

So what: Revenue rose 23% during the quarter to $126.0 million and the company swung to a profit of $629,000, or $0.01 per share. On an adjusted basis, the company lost $0.06 per share versus estimates for a $0.04 profit from Wall Street.  

Now what: Midstates is folding the recent Panther acquisition into the company so results were a bit unpredictable for the quarter. My bigger concern would be the company's value at over 20 times this year's earnings estimates, which will fall after the earnings miss. That's not enough value to jump in now but keep an eye on growth on both the top and bottom lines for signs that the value is getting better.

Interested in more info on Midstates Petroleum? Add it to your watchlist by clicking here.

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.