Midstates Petroleum (NYSE: MPO) is expected to report Q2 earnings on Aug. 5. 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 Midstates Petroleum's revenues will grow 119.9% and EPS will wither 0.0%.

The average estimate for revenue is $111.1 million. On the bottom line, the average EPS estimate is $0.03.

Revenue details
 Last quarter, Midstates Petroleum recorded revenue of $71.0 million. GAAP reported sales were 71% higher than the prior-year quarter's $50.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.02. GAAP EPS were -$0.18 for Q1 versus -$0.27 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.

Recent performance
 For the preceding quarter, gross margin was 89.5%, 660 basis points worse than the prior-year quarter. Operating margin was -2.4%, much better than the prior-year quarter. Net margin was -9.2%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $512.2 million. The average EPS estimate is $0.23.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Midstates Petroleum is outperform, with an average price target of $12.11.

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