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 Carrizo Oil & Gas (Nasdaq: CRZO) hit a gusher today, jumping as much as 11.1% on above-average trading volume.

So what: Carrizo hit 52-week lows yesterday and bounced back as investors came looking for a deep value. Oil prices bounced in general today as the European debt crisis appears to be heading for some kind of resolution, but it's all-American oil explorers such as Carrizo, SandRidge Energy (NYSE: SD), and Denbury Resources (NYSE: DNR) that are jumping the highest.

Now what: Carrizo is one of the most efficient cash machines and value creators in the oil sector, yet the stock has underperformed the Dow Industrials (INDEX: ^DJI) benchmark over the last one, three, and five years. The time could be right for a reversal of Carrizo's fortunes (or lack thereof). Just keep in mind that those fortunes are tightly tied to the controversial practice of fracking, which could lead to some environmental and/or regulatory roadblocks.

Interested in more information about Carrizo Oil & Gas? Add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Motley Fool owns shares of Denbury Resources. 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 investors writing for investors.