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.

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