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 energy explorer Callon Petroleum Company (NYSE:CPE) jumped 11% today after reporting earnings.

So what: Revenue dropped 8% in the fourth quarter, to $26.5 million, due to the sale of offshore fields. Net income for the quarter was $1.3 million, or $0.03 per share, which compares to a $0.4 million loss a year ago. 

Now what: Results largely matched expectations, and analysts think the company will report a $0.28 profit per share this year. The challenge will be growing production as much as anticipated after a drop year over year. Even with growth in shale production, I don't see the forward P/E ratio of 29 to be an appealing entry point with the company hovering around breakeven.

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.