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 BP Prudhoe Bay Royalty Trust (NYSE: BPT) dropped as much as 16.5% in intraday trading Tuesday on extraordinarily high volume.

So what: At the time of publication, a whopping 1.5 million shares have already been traded, versus the three-month average of just more than 142,000 shares. The recent slide in oil prices has naturally weighed on the shares, as BPT investors have now experienced about a 25% drop over the past two weeks alone.

Now what: I wouldn't be so quick to pounce on BPT's recent weakness. BPT is still up roughly130% over the past year and, as my fellow Fool Dan Dzombak noted today, has been the top-performing dividend stock (among companies with market caps over $500 million) of the past millennium. BPT's dividend yield certainly looks juicy, but with that kind of spectacular price performance, more double-digit drops could be in the cards if oil continues to pull back.

Interested in more info on BP Prudhoe Bay? 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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