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: It has been a wild weak for Seventy Seven Energy's (OTC:SSEIQ) stock. After rallying earlier this week along with oil prices, the oil-field service company is giving back those gains now that oil is taking a breather. By early Wednesday morning the stock was down just over 10% as the price of crude oil slid 5% lower. As shown below, much of Wednesday's losses is simply giving back some of Tuesday's gains.

SSE Price Chart

SSE Price data by YCharts

So What: The recent movement in the company's stock is really just noise. Oil prices have been very volatile lately, which is creating even more volatility in oil-related stocks. That volatility has been amplified in stocks that really fell hard when oil prices plunged, like Seventy Seven Energy. It was especially brutalized because of the weight of the debt on its balance sheet, which is why the stock plunged 81% over the past year.

The only recent news, and calling it such is a stretch, is the fact that Seventy Seven Energy's price target was cut by an analyst earlier this week. On Monday, Jefferies Group lowered its price target from $9 to $7, but still maintained a buy rating. That price target cut sent the stock down on Monday, but it has since recovered, and then some, by the next day when as oil prices rallied.

Now What: Because of its debt load and its relation to oil and gas drilling activity Seventy Seven Energy's stock will be very volatile whenever the price of oil makes a big move. The only thing that would matter materially to its business would be a sustained rally in the price of oil as that would give drillers the cash needed to increase drilling activity, which would then flow down to more business for Seventy Seven Energy.