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 and gas company Gulfport Energy (Nasdaq: GPOR) fell as much as 15% in trading today after the company reported earnings.

So what: Gulfport reported that production increased 24% from last year to 7,089 barrels of oil equivalent per day and net income rose 27% to $26.7 million, or $0.48 per share. But analysts and investors thought the company would generate $0.60 per share in earnings, so the company didn't live up to expectations this quarter.

Now what: Management expects production to increase to an average of 7,923-8,470 barrels of oil equivalent per day for the full year, which is expected to bring a steady rise in earnings. Even after this quarterly miss, Gulfport has been a fairly steady producer and trades at just 8.2 times 2012 earnings estimates. I think this gives investors a nice discount and shares will improve from here as production increases.

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