Northern Oil and Gas (AMEX: NOG) is expected to report Q1 earnings on May 6. 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 Northern Oil and Gas's revenues will grow 39.3% and EPS will grow 21.7%.

The average estimate for revenue is $83.3 million. On the bottom line, the average EPS estimate is $0.28.

Revenue details
 Last quarter, Northern Oil and Gas logged revenue of $84.7 million. GAAP reported sales were 51% higher than the prior-year quarter's $53.3 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 $0.34. GAAP EPS were $0.31 for Q4 compared to -$0.03 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 78.2%, 560 basis points worse than the prior-year quarter. Operating margin was 43.0%, much better than the prior-year quarter. Net margin was 24.3%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $382.7 million. The average EPS estimate is $1.29.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 585 members out of 641 rating the stock outperform, and 56 members rating it underperform. Among 81 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 67 give Northern Oil and Gas a green thumbs-up, and 14 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Northern Oil and Gas is outperform, with an average price target of $24.36.

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