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 pipeline owner Atlas Pipeline Partners (NYSE: APL) were hitting the rafters today, gaining as much as 14% in intraday trading on heavier-than-average volume.

So what: Today Atlas announced new projects that "should result in substantial increases in EBITDA and Distributable Cash Flow without equity dilution to existing shareholders." It seems hard to see how that could be anything but a great thing for shareholders. Specifically, the company noted that demand has been so strong that its systems are running at or near 100%, so it's planning $400 million of additional capital spending from 2011 to 2012.

Now what: The news got even better for investors as Atlas also bumped up its guidance ranges for 2011. At the midpoint of its range, management now expects EBITDA of $188 million, which is up from previous guidance of $180 million. It also raised its distributable cash flow range to a midpoint of $2.30 from a previous midpoint of $2.20.

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