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 company TransGlobe Energy Corporation (USA) (NASDAQ:TGA) fell as much as 10% in early trading today before recovering most of those losses.

So what: The company reported earnings this morning, and fourth-quarter revenue after royalties were down 12%, to $81.2 million, and net income dropped 80%, to $6.9 million, or $0.09 per share. Investors were expecting revenue of $94.9 million and earnings of $0.38 per share, so you can see why shares dropped early. 

Now what: Results were up slightly sequentially, and production is rising, but analysts had clearly set a high bar. Production is expected to grow between 9% and 15% next year, so there should be some solid growth. There's still high risk working in countries like Yemen and Egypt, and that could keep shares volatile as long as political turmoil exists.

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.