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 small-cap oil and gas explorer TransGlobe (Nasdaq: TGA) sank as low as 10.5% in intraday trading Monday on continuing Egypt turmoil. 

So what: With political unrest in Egypt seemingly growing by the day, TransGlobe, which focuses primarily in Egypt and Yemen, has seen its shares plunge nearly 40% over the past month alone. At the time of publication, nearly 1.5 million TransGlobe shares had been traded, versus the three-month average volume of about 390,000 shares.

Now what: I wouldn't be so quick to pounce on TransGlobe's recent weakness. Even with the big one-month decline, the stock is still up an unbelievable 240% over the past year and trades at a P/E of 25. With still so much uncertainty surrounding the outcome in Egypt, TransGlobe shares just seem way too pricey for me to take a chance on.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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