  We study the long term Kepler light curve of the blazar W2R 1926+42 ($\sim$
1.6 years) which indicates a variety of variability properties during different
intervals of observation. The normalized excess variance, $F_{\rm var}$ ranges
from 1.8 % in the quiescent phase and 43.3 % in the outburst phase. We find no
significant deviation from linearity in the $F_{\rm var}$-flux relation. Time
series analysis is conducted using the Fourier power spectrum and the wavelet
analysis methods to study the power spectral density (PSD) shape, infer
characteristic timescales and statistically significant quasi-periodic
oscillations (QPOs). A bending power law with an associated timescale of $T_B =
6.2^{+6.4}_{-3.1}$ hours is inferred in the PSD analysis. We obtain a black
hole mass of $M_\bullet = (1.5 - 5.9) \times 10^7 M_\odot$ for the first time
using $F_{\rm var}$ and the bend timescale for this source. From a mean
outburst lifetime of days, we infer a distance from the jet base $r \leq 1.75$
pc indicating that the outburst originates due to a shock. A possible QPO
peaked at 9.1 days and lasting 3.4 cycles is inferred from the wavelet
analysis. Assuming that the QPO is a true feature, $r = (152 - 378)~ G
M_\bullet/c^2$ and supported by the other timing analysis products such as a
weighted mean PSD slope of $-1.5 \pm 0.2$ from the PSD analysis, we argue that
the observed variability and the weak and short duration QPO could be due to
jet based processes including orbital features in a relativistic helical jet
and others such as shocks and turbulence.
