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 BPZ Resources (NYSE: BPZ) surged as high as 17% in intraday trading Friday after a Wall Street analyst upgraded the oil and gas explorer to a strong buy.   

So what: Raymond James also offered an $8 price target on the stock, representing a whopping 70% premium to BPZ's closing price on Thursday. The upgrade also comes just a day after the company secured a $40 million loan from Credit Suisse to help meet its capital expenditure budget for 2011.

Now what: Don't let today's surge scare you away from the stock. BPZ has done well to steady its business lately, most recently announcing impressive production of more than 4,600 barrels of oil per day at its Corvina field. With plenty of room still left to hit Raymond James' $8 price target, BPZ's upside is certainly tempting enough to at least look into.

Interested in more info on BPZ? 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. 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 Fool's disclosure policy always gets a perfect score.