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 Cimarex Energy (NYSE: XEC) jumped 17% today after the company released earnings.

So what: Fourth-quarter revenue increased 6% to $417.5 million and earnings per share were $1.36, $0.06 better than estimates. Like other energy companies, Cimarex said it would focus most of its 2012 capital spending on oil-rich or natural-gas-liquid plays instead of natural gas, due to low natural gas prices.

Now what: The transition to liquids should come as no surprise and will be a positive move for the company. I'm also encouraged by the stronger results, especially because this was the third straight quarter results have beaten estimates. Hopefully the company can translate a focus on liquids into further revenue growth in the coming quarter.

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