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 petroleum additives maker NewMarket (NYSE: NEU) soared as much as 16% today after reporting first-quarter results that blew past Wall Street estimates.

So what: NewMarket earned $3.53 per share in adjusted earnings on $508.1 million in Q1 revenue. Analysts were expecting $2.90 and $425.78 million, respectively, according to Yahoo! Finance data. Management also authorized a 36% increase in the dividend.

Now what: Interestingly, even with today's rally, NewMarket is valued at a fraction of the long-term earnings growth the Street expects. The stock's 0.74 PEG ratio reflects the potential bargain that still remains. But be careful. The PEG is an indicator and nothing more, and if used improperly, can mislead even the best investors. Commit to further study of the underlying business before you commit to buying shares.

Interested in more info on NewMarket? Add it to your watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.