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 gas developer HyperDynamics (AMEX: HDY) jumped 12% today after an analyst upgrade.

So what: Howard Weil kick-started shares today by giving HyperDynamics an outperform rating and a $9 price target on the stock. The company also hired an executive to head business development who has international merger and acquisition experience.

Now what: An analyst upgrade doesn't get me too excited, but the valuation of HyperDynamics may be worth another look. Fellow Fool Toby Shute called an impending downfall in mid-January because of a frothy price, but since then shares are down 36%, making the valuation a little more enticing. With oil prices rising and unrest spreading in the Middle East, it may be time to take a leap into this stock. I'm bullish on today's move and think this could be a catalyst for a rally in shares.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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