National Oilwell Varco (NYSE: NOV) is expected to report Q2 earnings on July 30. 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 National Oilwell Varco's revenues will increase 14.4% and EPS will drop -8.9%.

The average estimate for revenue is $5.42 billion. On the bottom line, the average EPS estimate is $1.33.

Revenue details
 Last quarter, National Oilwell Varco logged revenue of $5.31 billion. GAAP reported sales were 23% higher than the prior-year quarter's $4.30 billion.

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 $1.29. GAAP EPS of $1.17 for Q1 were 18% lower than the prior-year quarter's $1.42 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 23.8%, 560 basis points worse than the prior-year quarter. Operating margin was 14.2%, 620 basis points worse than the prior-year quarter. Net margin was 9.5%, 460 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $22.20 billion. The average EPS estimate is $5.57.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 4,070 members out of 4,127 rating the stock outperform, and 57 members rating it underperform. Among 968 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 961 give National Oilwell Varco a green thumbs-up, and seven give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on National Oilwell Varco is outperform, with an average price target of $85.46.

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