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 natural gas producer Oasis Petroleum (NYSE: OAS) popped 10% in intraday trading today on above-average volume.

So what: With today's double-digit surge, Oasis is now up nearly 90% since its initial public offering in June. Of course, positive U.S. and Chinese data are also lifting the stocks today of energy giants like ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP), all of which are up more than 2% at the time of this writing.

Now what: Oasis shares just seem too hot to touch right now. While today's economic data are encouraging, Oasis' 30-plus forward P/E doesn't exactly make it the most attractive macro bet at this point. Either way, Oasis' rock-solid balance sheet and strong operational track record make it an energy stock that's at least worth following.

Interested in more info on Oasis? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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