Forest Oil (NYSE: FST) is expected to report Q2 earnings around Aug. 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 Forest Oil's revenues will wither -12.0% and EPS will wane -66.7%.

The average estimate for revenue is $119.4 million. On the bottom line, the average EPS estimate is $0.02.

Revenue details
 Last quarter, Forest Oil booked revenue of $118.2 million. GAAP reported sales were 26% lower than the prior-year quarter's $158.9 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 $0.03. GAAP EPS were -$0.59 for Q1 versus -$0.29 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 77.4%, 430 basis points better than the prior-year quarter. Operating margin was 0.6%, much worse than the prior-year quarter. Net margin was -57.6%, much worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $506.5 million. The average EPS estimate is $0.19.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 322 members out of 339 rating the stock outperform, and 17 members rating it underperform. Among 74 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 66 give Forest Oil a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Forest Oil is outperform, with an average price target of $7.72.

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