TransAtlantic Petroleum (AMEX: TAT) is expected to report Q2 earnings around Aug. 9. 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 TransAtlantic Petroleum's revenue will decrease 1.2% and EPS will drop 166.7%.

The average estimate for revenue is $36.0 million. On the bottom line, the average EPS estimate is $0.02.

Revenue details
Last quarter, TransAtlantic Petroleum booked revenue of $35.1 million. GAAP reported sales were 20% higher than the prior-year quarter's $29.1 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, EPS came in at -$0.01. GAAP EPS were -$0.01 for Q1 compared to -$0.06 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 89.6%, 370 basis points better than the prior-year quarter. Operating margin was -10.8%, 1,580 basis points better than the prior-year quarter. Net margin was -13.7%, 5,910 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $157.1 million. The average EPS estimate is $0.03.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 208 members out of 213 rating the stock outperform, and five members rating it underperform. Among 25 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 23 give TransAtlantic Petroleum a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on TransAtlantic Petroleum is hold, with an average price target of $1.55.

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