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 oilfield services specialist Basic Energy Services (NYSE: BAS) climbed 10% Friday as investors cheered the company's March operating data and full-year view.

So what: In March, utilization at the company's well servicing segment increased to 70%, from 53% in the year-ago period, while truck hours at the fluid services segment increased 19%. The two units account for about 60% of the company's revenue, so Wall Street is naturally taking the data as a sign of more good quarters to come.

Now what: I'd be cautious about riding this surge of momentum. While CEO Ken Huseman believes that "increased spending for all phases of oil and gas drilling and production will drive demand for [Basic Energy's] services through the balance of 2011," you've got to think that much of that optimism is already baked well into the stock price. With the shares now up a monstrous 165% over the past six months, Fools would do well to wait for a pullback or three before getting involved.

Interested in more info on Basic Energy? 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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