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 oil producer TransGlobe Energy (Nasdaq: TGA) fell 10% in trading today after the company released first-quarter earnings.

So what: Average production rose 49% from a year ago to 16,720 Bpd, and oil revenue grew 63% to $159.4 million. Net earnings nearly tripled to $11.0 million, or $0.15 per share. The strong growth was a positive, but both revenue and earnings fell well short of analyst estimates.

Now what: Results may have missed the mark today, but production is steadily increasing and the stock is beginning to look like a value. Shares trade at just 11 times trailing earnings and 6.7 times forward estimates. I think this is a nice discount for investors and that shares will rebound from the low we're seeing right now.  

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