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 driller W&T Offshore (NYSE: WTI) were getting pumped up today, climbing more than 15% after the company reported better-than-expected earnings.

So what: The energy producer topped estimates by $0.05 with $0.28 EPS, and appeared to stop its free fall from a high around $26 in February. Falling energy prices had caused analysts to scale back their projections, and the stock had taken a hit as a result. Revenue was down about 17% from year ago to $215.5 million while adjusted net income dropped 60% from last year, but that was still good enough to beat the Street.

Now what: With the rebound in natural gas prices recently and oil prices having fallen on macro fears, W&T looks like a good bet going forward. I'd expect analysts to bump up their current third-quarter estimates from just $0.19/share, and it doesn't hurt that as an offshore producer its crude sells at a premium. Last quarter, W&T's oil fetched a price of $106.04/barrel vs. just $93.29 for West Texas Intermediate.

News reports have also just come out that the company is considering up to $3 billion worth of acquisitions, saying there's a surprising number of assets on the auction block. With growth opportunities aplenty and oil likely to rebound, this company looks like it could move higher.

If you're looking for some other stocks to ride the oil recovery, I recommend taking a look at this special free report, "3 Stocks for $100 Oil," which details a group of companies whose profits should soar once energy prices are high enough. You can get your free copy now by clicking right here.

Fool contributor Jeremy Bowman holds no positions in the companies in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.