Oasis Petroleum (NYSE: OAS) is expected to report Q1 earnings on May 7. 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 grow 59.8% and EPS will increase 70.0%.

The average estimate for revenue is $221.4 million. On the bottom line, the average EPS estimate is $0.51.

Revenue details
 Last quarter, Oasis Petroleum tallied revenue of $214.3 million. GAAP reported sales were 83% higher than the prior-year quarter's $116.9 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 $0.49. GAAP EPS were $0.46 for Q4 against -$0.15 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 79.9%, 40 basis points better than the prior-year quarter. Operating margin was 40.7%, much better than the prior-year quarter. Net margin was 19.9%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.02 billion. The average EPS estimate is $2.36.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 134 members out of 135 rating the stock outperform, and one members rating it underperform. Among 28 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 28 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 $39.32.

Is Oasis Petroleum the right energy stock for you? Read about a handful of timely, profit-producing plays on expensive crude in "3 Stocks for $100 Oil." Click here for instant access to this free report.