Concho Resources (NYSE: CXO) 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 Concho Resources' revenue will improve 4.6% and EPS will contract 8.3%.

The average estimate for revenue is $467.0 million. On the bottom line, the average EPS estimate is $1.00.

Revenue details
Last quarter, Concho Resources logged revenue of $507.8 million. GAAP reported sales were 41% higher than the prior-year quarter's $360.8 million.

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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 $1.05. GAAP EPS of $0.30 for Q1 were 27% lower than the prior-year quarter's $0.41 per share.

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 82.5%, 60 basis points worse than the prior-year quarter. Operating margin was 17.2%, 3,080 basis points better than the prior-year quarter. Net margin was 6.1%, 570 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $2.04 billion. The average EPS estimate is $4.45.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 240 members out of 257 rating the stock outperform, and 17 members rating it underperform. Among 53 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 48 give Concho Resources a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Concho Resources is outperform, with an average price target of $123.63.

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