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 Chesapeake Granite Wash Trust (NYSE: CHKR) fell as much as 14% today after the company announced a distribution to shareholders.

So what: The company said that it would pay a quarterly distribution of $0.6588 per share for the first quarter ending March 31. The distribution was below the $0.74 target the company had set, and shares reacted by declining sharply.

Now what: The sell-off seems to be a bit extreme considering that this was just one quarter and that the sell-off was at one point higher than the 11% miss by the distribution. Lower realized unhedged prices of natural gas were faulted for the miss in the first quarter.

The sharply lower price of oil might also bring future distributions down as well, but we're starting from a high point from a yield standpoint. The stock's 12.3% dividend yield (according to Yahoo! Finance) looks attractive, and even if it comes down some in future quarters, I think the stock can move higher.

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