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 explorer BreitBurn Energy Partners (Nasdaq: BBEP) sank as much as 10.5% after posting a wider-than-expected quarterly loss.

So what: Hurt by big commodity derivative losses, BreitBurn Energy Partners posted a fourth-quarter loss of $70.9 million, or $1.25 per unit, versus a loss of just $39.7 million, or $0.75 per unit, for the same year-ago period. The shares sold off fairly quickly on the disappointing report, dropping to as low as $19.50 within the first half-hour of trading, but they have since recovered about half of that loss.

Now what: I'd look into this dip as a possible entry point. Despite the recent GAAP hits, BreitBurn has steadily grown its distribution by 10% over the past three quarters, currently representing a mouthwatering yield of 8%. Of course, a juicy yield alone is no reason to jump in, but with a decent hedge portfolio and steadily improving liquidity, BreitBurn seems like an income opportunity that's at least worth researching.

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