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 Swift Energy (NYSE:SBOW) fell as much as 10% today, after the company reported earnings.

So what: Third quarter revenue fell 9.6% from a year ago, to $128.8 million, but was well short of the $134.8 million that analysts expected. But Swift did report earnings of $0.07 per share, which was $0.04 ahead of estimates.

Now what: Management still expects to grow production and reserves by double digits in 2012, but is cutting back on next year's capital spend. Low energy prices have hurt companies across the industry, and this has hit Swift on the top and bottom lines. I don't see a reason to buy any oil and gas production stock until prices pick up, and that's dependent on the economy right now.

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Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDrawThe Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.