Venoco (NYSE: VQ) is expected to report Q2 earnings around July 31. 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 Venoco's revenue will compress 2.3% and EPS will drop 72.0%.

The average estimate for revenue is $85.2 million. On the bottom line, the average EPS estimate is $0.07.

Revenue details
Last quarter, Venoco booked revenue of $85.4 million. GAAP reported sales were 7.8% higher than the prior-year quarter's $79.2 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, non-GAAP EPS came in at $0.65. GAAP EPS were -$0.47 for Q1 versus -$0.43 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 64.3%, 390 basis points worse than the prior-year quarter. Operating margin was -13.7%, 330 basis points worse than the prior-year quarter. Net margin was -32.7%, 250 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $374.0 million. The average EPS estimate is $0.63.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 143 members out of 163 rating the stock outperform, and 20 members rating it underperform. Among 45 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 39 give Venoco a green thumbs-up, and six give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Venoco is hold, with an average price target of $11.50.

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