Advantage Oil & Gas (NYSE: AAV) is expected to report Q3 earnings around Nov. 8. 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 Advantage Oil & Gas's revenues will increase 13.4% and EPS will shrink to a loss.

The average estimate for revenue is $56.9 million. On the bottom line, the average EPS estimate is -$0.07.

Revenue details
 Last quarter, Advantage Oil & Gas reported revenue of $56.8 million. GAAP reported sales were 41% lower than the prior-year quarter's $82.8 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 -$0.10. GAAP EPS were -$0.09 for Q2 against $0.01 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 54.8%, 1,720 basis points worse than the prior-year quarter. Operating margin was -19.7%, 3,520 basis points worse than the prior-year quarter. Net margin was -31.5%, 3,270 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $186.5 million. The average EPS estimate is -$0.29.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 576 members out of 607 rating the stock outperform, and 31 members rating it underperform. Among 94 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 91 give Advantage Oil & Gas a green thumbs-up, and three give it a red thumbs-down.

Are you missing a major story in the energy space? Read about "One Stock to Own Before Nat Gas Act 2011 Becomes Law." Click here for instant access to this free report.