Contango Oil & Gas (AMEX: MCF) is expected to report Q2 earnings around Feb. 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 Contango Oil & Gas's revenues will shrink -28.8% and EPS will wane -67.2%.

The average estimate for revenue is $38.4 million. On the bottom line, the average EPS estimate is $0.42.

Revenue details
 Last quarter, Contango Oil & Gas tallied revenue of $29.8 million. GAAP reported sales were 33% lower than the prior-year quarter's $44.2 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, EPS came in at -$1.80. GAAP EPS were -$1.80 for Q1 versus $0.95 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 78.3%, 840 basis points worse than the prior-year quarter. Operating margin was -141.9%, 19,870 basis points worse than the prior-year quarter. Net margin was -92.6%, 12,630 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $155.5 million. The average EPS estimate is $0.79.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 507 members out of 523 rating the stock outperform, and 16 members rating it underperform. Among 140 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 136 give Contango Oil & Gas a green thumbs-up, and four give it a red thumbs-down.

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