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 BPZ Resources (NYSE: BPZ) fell 10% as oil prices pulled back today. 

So what: Company-specific news was lacking today, but oil is down more than 1.5%, which is weighing on shares. But it doesn't look like anything worth panicking over.

Now what: BPZ has had a tough go of it on the market lately with the stock down considerably since March highs. I would like to see the company at least meet estimates and start unlocking some of their value before jumping in. I just don't see a reason to buy on the dip today.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. Try any of our Foolish newsletter services free for 30 days. 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 has a disclosure policy.