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 natural-gas-focused partnership Eagle Rock Energy Partners (Nasdaq: EROC) shot up as much as 19% in intraday trading on heavier-than-average volume.

So what: When a company announces its acquisition of a publicly traded target, you can expect to see the latter's stock rise. But it's far more unusual to see the acquirer's shares increase -- much less to the degree that Eagle Rock's did today. After the close of trading yesterday, Eagle Rock announced that it will acquiring privately held Crow Creek Energy, a natural gas company with 268 Bcfe of proved reserves, for $318 million in cash and stock. Eagle Rock will also assume $207 million in debt.

Now what: The acquisition seems to be a good fit for Eagle Rock, and management noted that it continues the company's focus on building its upstream and midstream businesses. While I'm always cautious about chasing a big gain like this, with a perfect five-star rating from The Fool's CAPS community and an eye-catching 5.8% distribution rate, Eagle Rock could be worth a closer look. 

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.