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 W&T Offshore (Nasdaq: WTI) rose as much as 11% today after management delivered third-quarter earnings after the bell yesterday.

So what: The oil and natural gas company reversed a loss of $0.02 per share during the same period last year, earning $0.36 per share this time around. Revenue rose 1.5% to $169.6 million.

Now what: Look for the company to be spending some more money. CEO Tracy Krohn says W&T is positioned "to take advantage of acquisition opportunities that we are seeing more frequently both offshore and onshore." In the conference call, he noted that management is evaluating several opportunities both onshore and offshore.

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Fool analyst Rex Moore owns no companies mentioned here. W&T Offshore is a Motley Fool Hidden Gems pick. 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.