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 Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) jumped 14% today after selling some assets.

So what: Eagle Rock is selling its midstream business to Regency Energy Partners LP (NYSE:RGP) for as much as $1.325 billion. The deal will include $200 million of new Regency common units as well as cash and debt.  

Now what: This will continue Eagle Rock's strategy of becoming a pure play upstream MLP and gives the company more flexibility for acquisitions in the future. What will be more important going forward is what Eagle Rock does with the new cash because that's what will determine future payouts. I like the move today and given the price Eagle Rock got for its assets I think there's a lot of upside for investors from here.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.