Plains Exploration & Production (NYSE: PXP) is expected to report Q1 earnings on May 2. 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 Plains Exploration & Production's revenues will expand 125.4% and EPS will grow 50.0%.

The average estimate for revenue is $1.18 billion. On the bottom line, the average EPS estimate is $0.87.

Revenue details
 Last quarter, Plains Exploration & Production reported revenue of $869.2 million. GAAP reported sales were 68% higher than the prior-year quarter's $517.5 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 $0.41. GAAP EPS of $1.65 for Q4 were 139% higher than the prior-year quarter's $0.69 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 78.0%, 910 basis points better than the prior-year quarter. Operating margin was 22.7%, 520 basis points better than the prior-year quarter. Net margin was 25.2%, 630 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $4.58 billion. The average EPS estimate is $3.47.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 381 members out of 397 rating the stock outperform, and 16 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Plains Exploration & Production a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains Exploration & Production is hold, with an average price target of $47.05.

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