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.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. You can try any of our Foolish newsletter services free for 30 days.

Tim didn't own shares in any of the companies mentioned in this article at the time of publication. Check out his 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.