ConocoPhillips (NYSE: COP) is expected to report Q2 earnings on Aug. 1. 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 ConocoPhillips's revenues will shrink -11.2% and EPS will expand 6.6%.

The average estimate for revenue is $12.42 billion. On the bottom line, the average EPS estimate is $1.30.

Revenue details
 Last quarter, ConocoPhillips logged revenue of $14.17 billion. GAAP reported sales were 3.6% lower than the prior-year quarter's $15.14 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 $1.42. GAAP EPS of $1.73 for Q1 were 24% lower than the prior-year quarter's $2.27 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 48.5%, 110 basis points worse than the prior-year quarter. Operating margin was 26.2%, 150 basis points better than the prior-year quarter. Net margin was 14.7%, 470 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $54.37 billion. The average EPS estimate is $5.88.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,657 members out of 5,807 rating the stock outperform, and 150 members rating it underperform. Among 1,356 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,329 give ConocoPhillips a green thumbs-up, and 27 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ConocoPhillips is hold, with an average price target of $64.25.

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