Contango Oil & Gas (AMEX: MCF) is expected to report Q1 earnings around Nov. 9. 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 Contango Oil & Gas's revenues will decrease -7.9% and EPS will contract -18.9%.

The average estimate for revenue is $40.7 million. On the bottom line, the average EPS estimate is $0.77.

Revenue details
 Last quarter, Contango Oil & Gas notched revenue of $39.8 million. GAAP reported sales were 19% lower than the prior-year quarter's $44.0 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 $0.62. GAAP EPS of $0.61 for Q4 were 45% lower than the prior-year quarter's $1.11 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 93.1%, 480 basis points better than the prior-year quarter. Operating margin was 43.6%, 1,780 basis points worse than the prior-year quarter. Net margin was 26.1%, 1,380 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $172.6 million. The average EPS estimate is $3.51.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 517 members out of 533 rating the stock outperform, and 16 members rating it underperform. Among 126 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 122 give Contango Oil & Gas a green thumbs-up, and four give it a red thumbs-down.

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