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 independent oil and gas company Halcon Resources (HK) jumped as much as 13% today after reporting earnings.
So what: First quarter revenue jumped 44% to $275.1 million and easily passed the $256.1 million analysts expected. Adjusted for one-time items, net income was $11.9 million, or $0.03 per share, a penny ahead of estimates.
Now what: Besides the solid results, management is looking to sell noncore assets if the price is right in 2014. But production isn't expected to increase much this year with first-quarter production of 36,622 barrels of oil equivalent per day (Boe/d) and full-year guidance of 38,000 to 42,000 Boe/d. I'd like to see more production growth or higher earnings before jumping in, but beating earnings was an incremental positive last quarter.
