Oasis Petroleum (NYSE: OAS) is expected to report Q2 earnings on Aug. 6. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Oasis Petroleum's revenue will grow 119.6% and EPS will grow 100.0%.

The average estimate for revenue is $147.6 million. On the bottom line, the average EPS estimate is $0.32.

Revenue details
Last quarter, Oasis Petroleum tallied revenue of $138.6 million. GAAP reported sales were much higher than the prior-year quarter's $58.7 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.30. GAAP EPS were $0.18 for Q1 against -$0.07 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 81.1%, 160 basis points better than the prior-year quarter. Operating margin was 28.6%, 3,900 basis points better than the prior-year quarter. Net margin was 11.9%, 2,360 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $649.4 million. The average EPS estimate is $1.47.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 125 members out of 128 rating the stock outperform, and three members rating it underperform. Among 28 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), all 28 give Oasis Petroleum a green thumbs-up.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Oasis Petroleum is outperform, with an average price target of $37.06.