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: Frontier Oil (NYSE: FTO) popped 10% in intraday trading today after reporting better-than-expected earnings and reinstating its quarterly dividend.

So what: Expenses declined even as fourth-quarter revenue grew 39% year over year and drove EPS of $0.36, compared to a loss of $0.81 in the year-ago quarter. In addition to reinstating a $0.06-per-share quarterly dividend, the company announced a $0.28 special dividend.

Now what: Management teams hate canceling regular dividends, so reinstating the quarterly dividend is an important signal of confidence in the outlook. In addition, the CEO stated, "2010 marked a turning point," and "the operating environment has materially improved." While there was no guidance, management's confident outlook increases comfort with the 2011 consensus forecast, which results in a forward P/E ratio of only 12.2 times.

Interested in more info on Frontier? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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.