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 Kodiak Oil & Gas (NYSE: KOG) fell more than 10% in early trading after ... nothing. A down market appears to have taken a toll on this stock.

So what: Maybe that's good news. Foolish colleague Isac Simon's study of Kodiak's business and assets unearthed what seems to be a massive growth opportunity. Cash flow from proven reserves is on track to more than quadruple from 2009 levels.

Now what: Isac has plenty of company in the bullish camp as analysts also say Kodiak trades on the cheap. Wall Street is calling for the company to improve per-share earnings by 22.5% annually over the next five years, resulting in a 0.78 PEG ratio.

Either way, it appears manic Mr. Market has handed would-be Kodiak investors a nice discount shopping opportunity today.

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