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 explorer Petroleum Development Corp. (Nasdaq: PETD) jumped 10% at the start of trading today before falling back to reality following the company's earnings announcement.

So what: Revenue jumped 93% from a year ago to $100.3 million, falling short of analyst estimates of $105.3 million. But the bottom line was much better where a profit of $0.66 per diluted share crushed estimates of $0.26.

Now what: Liquids production is increasing, a strategy most producers are employing, but I'm still worried about value. Shares trade at 19 times forward earnings estimates and the company has a history of beating expectations one quarter and falling short the next. I'd like to see a couple straight quarters of strong earnings before jumping in, but this quarter was definitely a good start.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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