Halcón Resources (NYSE: HK) 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 Halcón Resources's revenues will increase 617.9% and EPS will turn positive

The average estimate for revenue is $192.6 million. On the bottom line, the average EPS estimate is $0.06.

Revenue details
 Last quarter, Halcón Resources chalked up revenue of $124.7 million. GAAP reported sales were much higher than the prior-year quarter's $25.6 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 $0.02. GAAP EPS were -$0.04 for Q4 versus -$0.46 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 90.0%, 440 basis points better than the prior-year quarter. Operating margin was 22.7%, much better than the prior-year quarter. Net margin was -6.5%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.12 billion. The average EPS estimate is $0.44.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 290 members out of 305 rating the stock outperform, and 15 members rating it underperform. Among 53 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 48 give Halcón Resources a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Halcón Resources is outperform, with an average price target of $10.21.

Is Halcón Resources 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.