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.

Interested in more info on Kodiak Oil & Gas? Add it to your watchlist. You can also try any of our Foolish newsletter services free for 30 days.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. 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 is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.