Why energy stocks still look so cheap, even after their big rally this month

The article argues that energy stocks remain inexpensive despite a strong rally, with the S&P 500 energy sector up 10.5% in July and 30.4% year to date. The move has been fueled by renewed U.S.-Iran hostilities that pushed crude oil sharply higher, with WTI up more than 22% this month and around $84.91 a barrel. Even so, the sector trades at just 13.4 times forward earnings versus 20.3 for the S&P 500, supporting the view that valuations are still attractive. ExxonMobil and Chevron are set to report second-quarter earnings on July 31, and analysts expect EPS growth of 118% and 208%, respectively. Refiners Valero, Marathon Petroleum, and Phillips 66 are also highlighted, with all three trading at record highs. The piece frames energy as a potential hedge against geopolitical risk and a value play, while noting that the broader U.S. market and energy ETF XLE also advanced on the day.