Ultra Petroleum (NYSE: UPL) is expected to report Q2 earnings around 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 Ultra Petroleum's revenues will increase 37.9% and EPS will expand 16.7%.

The average estimate for revenue is $234.8 million. On the bottom line, the average EPS estimate is $0.42.

Revenue details
 Last quarter, Ultra Petroleum recorded revenue of $225.6 million. GAAP reported sales were 0.2% lower than the prior-year quarter's $226.1 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 $0.38. GAAP EPS of $0.11 for Q1 were 80% lower than the prior-year quarter's $0.55 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 67.8%, 130 basis points better than the prior-year quarter. Operating margin was 18.1%, much worse than the prior-year quarter. Net margin was 7.3%, much worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $942.9 million. The average EPS estimate is $1.65.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,522 members out of 1,577 rating the stock outperform, and 55 members rating it underperform. Among 300 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 290 give Ultra Petroleum a green thumbs-up, and 10 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Ultra Petroleum is hold, with an average price target of $21.55.

Is Ultra Petroleum 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.