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 offshore oil and gas explorer W&T Offshore (NYSE: WTI) jumped 10% today after the company released earnings and increased its dividend.

So what: Yesterday, after the market closed, W&T said fourth-quarter revenue had grown 40% to $261.9 million and net income had doubled to $46.1 million, or $0.61 per share. Analysts had expected earnings of $0.45 per share and revenue of $238.3 million. This morning the company said it was doubling its quarterly dividend to $0.08 per share.

Now what: Drilling in the Gulf of Mexico was alive and well at the end of 2011. W&T increased production year over year and was able to take advantage of high oil prices in the quarter. Shares are trading at just 12 times next year's estimated earnings, and I think that's a solid upside.

Interested in more info on W&T Offshore? Add it to your watchlist by clicking here.

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