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 revenues will expand 64.6% and EPS will grow 84.4%.

The average estimate for revenue is $245.4 million. On the bottom line, the average EPS estimate is $0.59.

Revenue details
 Last quarter, Oasis Petroleum reported revenue of $248.3 million. GAAP reported sales were 79% higher than the prior-year quarter's $138.6 million.

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

EPS details
 Last quarter, non-GAAP EPS came in at $0.67. GAAP EPS of $0.56 for Q1 were 211% higher than the prior-year quarter's $0.18 per share.

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

Recent performance
 For the preceding quarter, gross margin was 80.7%, 40 basis points worse than the prior-year quarter. Operating margin was 41.6%, much better than the prior-year quarter. Net margin was 20.9%, 900 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.07 billion. The average EPS estimate is $2.70.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 139 members out of 140 rating the stock outperform, and one members rating it underperform. Among 34 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 34 give Oasis Petroleum a green thumbs-up, and give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Oasis Petroleum is outperform, with an average price target of $43.24.

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