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 Cabot Oil & Gas (NYSE: COG) rose as much as 11%  today and touched a 52-week high after the company released earnings.

So what: Earnings per share reached $0.41, which easily crushed estimates of $0.27 from analysts. Revenue was up 20% to $240.7 million, in line with expectations.

Now what: Not only was this quarter great, the company also increased its production expectations by 5% going forward. Cabot seems to be firing on all cylinders, and the company's stock price is reflecting the strength. I think the shares have further to run on all of this positive earnings momentum.

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