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 independent energy company SM Energy (NYSE: SM) got drilled by investors today, losing as much as 11% in intraday trading on heavier-than-average volume.

So what: The bottom line for SM Energy is that the first-quarter bottom line just didn't measure up for investors. For the quarter, the company reported $0.42 in adjusted earnings per share compared to $0.45 last year and a $0.44 estimate from Wall Street. The miss came even as the company reported higher production and lower costs than it had forecast.

Now what: The drop in SM's shares may seem a bit drastic, but it may be understandable considering the fiery run-up the stock has had recently. Between late last year and today, the stock has nearly doubled, bringing its 2011 earnings multiple to a hefty 34. With profits coming in softer than expected, investors may be reconsidering what they're willing to pay for the stock.

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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.