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 operator Hyperdynamics (AMEX: HDY) climbed 10% in intraday trading Friday on above-average volume.

So what: At the time of publication, more than 3 million Hyperdynamics shares had already changed hands, versus the three-month average volume of about 2.5 million shares. It's difficult to know exactly what's driving the double-digit rally, but when you consider just how frequently the stock has popped and plunged in recent months, big one-day moves should come as no surprise to investors.

Now what: Fools should keep these moves in proper perspective. Without any news from the company, I'm chalking the share price surge up to the normal volatility that comes with a relatively small and risky opportunity like Hyperdynamics. The stock is one of the more speculative long-term energy plays you'll come across, and today's rally won't do much to change that.

Interested in more info on Hyperdynamics? 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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