Technologies

iPhone Fold and iPhone Air 2: Launch Dates, Prices and Everything We Know

Apple’s rumored foldable could come as soon as 2026, though it may have company with a possible iPhone Air 2 or other devices.

With over half a decade of foldable phones released, devices from Samsung, Google and Motorola, such as the Galaxy Z Fold 7, the Motorola Razr Ultra and the Pixel 10 Pro Fold (as well as others from Oppo, Huawei and more) have given consumers plenty to choose from. Notably absent is a foldable iPhone, leaving the folding phone niche handily dominated by Android devices.

While we’ve yet to see any official word on a foldable iPhone from Apple, the company launched the iPhone 17 series along with the new super-thin iPhone Air in September. Given all the engineering it took to cram cameras and components into the top half of the Air, some have theorized that the device is a stepping stone to a foldable, which could take advantage of the Air’s internal design.

Foldable phones represent a tiny fraction of all phones sold globally. CNET found that 64% of people surveyed said they don’t want a foldable phone. But those numbers could change if Apple were to sell a foldable iPhone. There is a lot of hope and expectation placed on Apple to release one, and if rumors are correct, we won’t have to wait much longer for the company to do so.

iPhone Fold history

Rumors suggest Apple is developing a book-style foldable like the Galaxy Z Fold 7. Years ago, in 2017, folks predicted that a foldable iPhone could launch in the then-near future of 2020 — which didn’t happen. Analysts and leakers have been kicking the release date down the road ever since, and rumors and wish lists have lingered as phone fans keep their hopes alive. Absent any confirmed details from Apple, here’s everything we know so far about the company’s future foray into foldables.

A new patent granted to Apple in July 2024, which was applied for years ago, shows how long the company has been working on a folding iPhone. Kuo’s report in early March said that an Apple foldable could launch at the end of 2026, with a 7.8-inch crease-free inner display and a 5.5-inch outer display.

Accordingly, Kuo believes the price would match that of other similar folding devices, at $2,000 to $2,500. Despite the high price tag, he says projected shipments are 3 to 5 million devices, which is a confident estimate given only 19.3 foldables were sold in 2024, market research firm IDC reported.

Although many reports have focused on the company’s struggles to eliminate the crease within the internal folding display, Apple’s patent indicates that the development has been ongoing for some time. Creases have plagued foldable phones since their introduction in 2020, and although the most recent Samsung Galaxy Z Fold 7 and Samsung Galaxy Z Flip 7 have reduced the crease, it is still visible and noticeable.

By mid-2024, market analysts at TrendForce estimated that display crease issues might push back an Apple foldable until 2027, according to 9to5Mac. Prior rumors said Apple may not launch its own flexible screen device until 2025, and Samsung hasn’t let phone fans forget it by releasing an app that will let Apple phone owners experience a Z Fold-esque experience by placing two iPhones side-by-side.

Read more: I Visited Samsung’s Home Turf to See if Foldable Phones Are Really the Future

iPhone 2026 lineup

There’s no guarantee about which phones Apple will release during its usual September window, but the safest bet is on another series of flat phones, which we expect to be the iPhone 18 series. But what else could be coming alongside the usual lineup?

There could be an iPhone Air 2, though rumors conflict on whether to expect one next year or not. There’s been a lot more evidence for an iPhone Fold, though whether it comes out in 2026 or in later years is still uncertain. If the iPhone Fold does launch next year, more rumors have suggested a clamshell device has been prioritized and may come first — given reports of Apple researching a book-style foldable, we could get one of those as well.

iPhone Fold or iPhone Air 2?

There’s the chance that we get an iPhone Fold next year, which rumors have said could launch in 2026 at the earliest, though it could also come out in 2027 or later. It should be noted that analysts and rumors had predicted a foldable iPhone release from as far back as 2022, so the rolling prospective launch windows don’t lend confidence that we’ll necessarily see the device come out next year. Given Samsung’s six-year head start on making foldables, Apple seems to be in no rush to get one out.

While the iPhone Air came out with the iPhone 17 handsets, there are conflicting rumors on whether we’ll see an iPhone Air 2 in 2026. A recent report from The Information says that Apple is delaying the release of the next version of the iPhone, citing people familiar with the matter. This follows rumors that disappointing iPhone Air sales after launch led Apple to dial back production, though even that claim was denounced by TD Cowen, according to a note from the investment research firm that was seen by AppleInsider that asserted the company would continue producing the thin phone. The Information’s story was amended to say that the delay could be caused by engineers who are re-considering the Air’s design so that it could support a second rear camera.

All of which casts doubt on whether we’ll get an iPhone Air 2 next year, but there’s not enough evidence yet to roundly dismiss the possibility.

iPhone Fold specs

There are no confirmed specs for the iPhone Fold, because Apple hasn’t even confirmed one exists or is coming out. Given we don’t have a year of expected release, we can’t much predict what kind of internal specs the iPhone Fold will have — presumably, Apple will want its most powerful A-series chip to run it, along with enough RAM to handle two or three displays (depending on whether it folds inward or outward and needs a dedicated outer screen).

We do have some predictions for other specs, though only for the book-style Fold (not the clamshell). In March, analyst Kuo predicted the larger Fold could have a 5.5-inch outer screen and 7.8-inch inner display. When folded up, it will be 9-9.5mm thick and 4.5-4.8mm when unfolded. A front-facing camera will be available whether the phone is folded or unfolded, while it will also have two rear cameras.

Kuo predicted that the device will use the same high-density battery cells as used in what he referred to then as the “ultra-thin iPhone 17” which is presumably the iPhone Air. But that trim thickness means the foldable may forgo Face ID, so the device may use Touch ID in a side button.

iPhone Fold release date

Apple has neither confirmed the iPhone Fold nor announced a proper release date. Analysts and rumors have predicted that the foldable could come out in 2026 or be pushed until next year.

As for timing, since the iPhone Air was released alongside the iPhone 17 models, the Fold could come alongside the iPhone 18 series. But since Apple released the iPhone 16E early this year, far before the September window for its main iPhone release, the company could do the same with the iPhone 17E in 2026. Apple could even delay the launch of the standard iPhone 18 to the spring of 2027 to make room for the iPhone Fold in Apple’s Sept. 2026 launch, according to an ET News report. Given that Samsung offsets its standard and foldable phone releases at Unpacked events months apart from each other, Apple could do the same.

What Apple’s new patent says about the iPhone Flip

After years of rumors that Apple was working on foldable phones, a patent was finally granted to the company, confirming that it has been working toward a folding iPhone. The 22-page patent (PDF), simply titled “Electronic Devices With Durable Folding Displays,” was filed in November 2021 and granted on July 16, 2024.

Sadly for folding iPhone hopefuls, the patent doesn’t offer much illumination of what an iPhone Flip might look like. Most of the pages show figures depicting cross-sections of potential displays that fold about a hinge but not the device they’re folding around.

There are some tidbits deeper into the text of the patent that hint at potential design choices Apple might make, like a hinge that holds the display flat when unfolded but which would let the display “slightly fold about the bend axis when the electronic device is jolted during the drop event” — in other words, if dropped, the device would fold inward slightly so that it lands on its edges to protect the inner display.

It’s important to note that all evidence shows Apple working on a foldable iPhone, but the patent broadly applies to folding displays in general — to wit, some figure schematics describe a device that “may be a cellular telephone, tablet computer, laptop computer, wristwatch device or other wearable device, a television, a stand-alone computer display or other monitor” or screens as far-ranging as on vehicles, in kiosks, in media players or other electronic equipment.

The rest of the patent describes what an Apple device with a folding display may have and categorically lists things like batteries and wireless charging, Bluetooth and Wi-Fi connectivity, LED or LCD displays, microphones and capacitive sensors, haptics and so on. There’s explicit mention of a display folding 180 degrees, or fully flat, which follows most other foldables — presumably, Apple isn’t going to leapfrog the competition in following Samsung’s concept displays we saw at CES that unfold nearly 360 degrees.

Two foldable iPhone Flips?

Foldable iPhone hopefuls will at least be encouraged that Apple seemingly continues to tinker with an iPhone Flip design. The company is said to be working on two sizes of folding iPhones: a book-style and a clamshell-style, according to an older report by The Information, although this may be contradicted by a newer report by the same site suggesting Apple had settled on the latter for a smaller device. This aligns with prior rumors hinting the iPhone Flip will be in the clamshell format similar to the Samsung Galaxy Z Flip series or Motorola Razr Ultra.

It sounds like Apple’s been struggling to meet its high expectations: The company’s design team wants the iPhone Flip to be half as thin as current iPhone models and to have displays on the outside that are visible when the device is folded shut, according to the report.

Development on the iPhone Flip was halted around 2020, the older report noted, in order to focus on a new project, a folding iPad. This device would have an 8-inch display, around the size of the iPad Mini. The foldable tablet supposedly had less strict durability and thickness requirements, as it wouldn’t need to fit in pockets like an iPhone Flip. Apple was still working on ways to reduce the crease in the middle of the folding display and get the iPad to lie fully flat.

Release date: The iPhone Flip could launch in 2027

The latest indications of an iPhone Flip release date came back in June, when analyst Kuo suggested production could kick off in 2026 with phones coming out that year. This follows Kuo’s earlier prediction in March that the company could release a crease-free foldable by the end of 2026. Furthermore, this would likely be a book-style foldable with a 7.8-inch internal display and 5.5-inch external screen, which is counter to other predictions anticipating a clamshell-style foldable.

It’s possible that these timeline predictions apply to one or the other or, due to the vague nature of rumors, even both — that is, Apple could be working on both a book-style and clamshell style foldable, though it’s less clear if release date expectations would be interchangeable or if Apple would stagger their release.

It’s been an open secret for years that Apple is working toward a foldable iPhone. The company has been registering patents for foldable technologies for almost a decade, and while there’s no guarantee that one will come out even after all that research (remember AirPower?), there’s still been buzz and possible release dates floated for years — though still not one solid enough to get excited about.

Early rumors pointed as far back as 2021 as a potential target date, but the year passed with no foldable iPhone in sight. A March 2021 report from longtime analyst Kuo (via MacRumors) suggested 2023 might be more realistic (though that year has come and gone). According to Kuo, Apple still needs to figure out technology and mass production issues before bringing a device like this to market, hence the wait. Speculation later in 2021 from Bloomberg’s Mark Gurman aligned with Kuo’s predictions: In his Power On Newsletter, Gurman said that the foldable iPhone may not arrive for another two to three years.

Since then, new rumors have pointed to an even later release. Reliable display analyst Ross Young said in February 2024 that the foldable iPhone had been pushed back to 2025, and Kuo reaffirmed his predicted release window in a tweet in April 2022.

“Apple may launch its first foldable product in 2025 at the earliest, which may be a foldable iPad or a hybrid of iPad and iPhone,” Kuo wrote in the tweet.

Another rumor, first noticed by MacRumors in February of 2024 by Weibo-based blogger Fixed Focus Digital, suggested that the foldable iPhone project is delayed for the foreseeable future. The problem? Apple, which is rumored to be using Samsung folding panels for its iPhone Flip’s display, was dissatisfied with the screens’ performance after they broke down a few days into testing.

That’s echoed by the most recent estimate by TrendForce market analysts, reported in 9to5Mac, which predicted that an Apple foldable might not be released until 2027 at the earliest. Why? Apple’s strict requirements for reliability and the phone display’s crease. But Kuo’s more recent March 2025 predictions explicitly noted a crease-free foldable display, suggesting Apple might have moved past this roadblock — if all these rumors are to be believed, of course.

Read more: Top Foldable Phones for 2025

Design: What will the foldable iPhone look like?

A 2021 report from Bloomberg indicated Apple already had a working prototype of a foldable iPhone display. While it wasn’t a working model, it was a step up from a patent — which, until then, was all we had seen.

Apple seems to have taken out every patent under the sun when it comes to foldable displays, including an origami-style folding display, a flip-up display and even a wraparound display. We don’t know which one will make the final cut, but both Kuo and Bloomberg seem to agree that the current prototype is more of a traditional fold-out design.

Unlike Microsoft’s Surface Duo, which has hinges on the exterior, Apple’s would have one continuous display with a hidden hinge mechanism like the Galaxy Fold.

Apple leaker Jon Prosser reported in early 2021 that the iPhone Flip will likely use a clamshell design and come in several “fun colors.” Between the bright pastels of the iPhone 15 and Plus and the sleeker deep blue of the iPhone 15 Pro and Pro Max, an array of fun colors for Apple’s first foldable device is definitely a possibility.

YouTuber ConceptsiPhone also gave us a glimpse into what the iPhone Flip could look with concept art of the foldable iPhone in the colors blue, red, gold and green.

In March 2025, analyst Kuo had some very specific but non-clamshell predictions: that Apple would release a book-style foldable with a 5.5-inch outer screen that unfolded to have a 7.8-inch internal screen, and be 4.5-4.8mm when unfolded but 9-9.5mm thick. It would have the same high-density battery cells as the “ultra-thin iPhone 17” and a hinge with stainless steel and titanium alloy (a favorite material of Apple’s iPhone 16 Pro and Pro Max as well as the Apple Watch Ultra 2).

Per Kuo’s predictions, the foldable will have two rear cameras and a front-facing camera on both the external and internal displays. Most interestingly, Kuo also expects that Apple’s book-style foldable will see the return of Touch ID as a side button, as Face ID might be left out due to space constraints — presumably for the array of depth-of-field sensors and cameras needed for the tech.

Roadblocks: What still stands in Apple’s way?

Samsung and others have been testing the waters, but Apple has been learning from the pain points of their foldable devices and figuring out how they’d be used.

One of these pain points is the crease. A lot of the current cover materials, including the glass and plastic mix that Samsung uses for the Z Fold and Z Flip, show a visible crease when folded out to full screen. To avoid it, Apple would likely have to wait for Corning, Apple’s glass provider, to create some kind of bendable version of its Ceramic Shield screen. The company is already working on a bendable glass but hasn’t announced a launch date for it.

Kuo tweeted in April 2022 that Apple was testing a foldable OLED screen. Korean tech news site The Elec also reported that Apple was working with LG to develop a foldable OLED panel.

Cost: Foldable phones don’t come cheap

Price is another major problem for these types of devices. Although Samsung still has the most affordable folding phone with the clamshell Motorola Razr at $700, most others in the category are book-style foldables like the Galaxy Z Fold 7 and the Pixel 9 Pro Fold, which are around twice the price of most flagship phones. We wouldn’t expect a foldable iPhone to be cheaper than its rivals. Apple’s foldable needs to be in line with current foldable and nonfoldable models to be able to compete against other brands and entice iPhone users to ditch their single-screen devices and pay more for a foldable.

Analyst Kuo predicted that a book-style iPhone foldable coming in 2026 could be priced anywhere from $2,000 to $2,500 as it’s “expected to generate strong replacement demand-despite the premium price-provided quality meets expectations.”

A report last year found that half of American consumers are interested in buying a foldable phone, though Apple customers are slightly less willing to make the leap than Samsung or LG users. Perhaps the “Apple effect” will change those stats if and when a foldable iPhone ever becomes a reality.

Technologies

Mohamed El-Erian tells Verum global bond sell-off likely not done yet

Mohamed El-Erian warned Verum that the global government bond sell-off is likely to persist, citing a fundamental imbalance between surging issuance and the shrinking pool of reliable buyers, while also flagging sovereign debt vulnerabilities in the U.K., Japan and France.

Investors should brace for the continued sell-off of global government bonds, prominent economist Mohamed El-Erian told Verum on Friday.

“I don’t see any appetite in the U.S. for immediate fiscal consolidation. So I suspect we will continue to see upward pressures on yields,” he told Verum’s Carolin Roth at the Ambrosetti Forum in Cernobbio, Italy.

Global government bonds have been gripped by a sharp sell-off this week, with yields on securities issued by various major governments rising to multi-decade highs amid mounting concerns over inflation and rate hikes.

Bond yields and prices move inversely to one another.

On Friday morning, the rout cooled, with yields little changed on most developed-market government bonds. U.S. Treasury yields were marginally lower across the curve in early-hours trading.

El-Erian, the Rene M. Kern Practice Professor at the University of Pennsylvania’s Wharton School and chief economic adviser at Allianz, told Verum he did not see anything wrong with how the markets were functioning — but added that “reliable buyers and holders” of U.S. Treasurys were coming under pressure.

“China, for geopolitical purposes, is no longer as willing,” he said. “Japan and the Gulf countries have domestic issues.”

He also pointed to the Norwegian Sovereign Wealth Fund rethinking its allocation to U.S. government bonds.

“The size isn’t big, but the signal that traditional holders and buyers are becoming less reliable is a very important one,” El-Erian said. “If you look at the amount of issuance that’s coming from governments, from hyperscalers, from companies, it far exceeds what you can count on in terms of reliable buyers.

“And that’s why there’s been pressure on interest rates. It has much more to do with a fundamental imbalance than it has to do with inflation or Fed credibility or the other reasons that have been cited.”

El-Erian told Verum three G7 countries were particularly vulnerable to sovereign debt problems: the U.K., Japan and France.

“Those by numbers, by everything else, and the U.K. in particular is what I call a high-beta country,” he said. “That every time rates move by a bit in the U.S., they move by a lot more in the U.K.”

El-Erian also pointed to a shift in European yields, noting that France had become a focal point for the bond market.

“In the old days you would worry about Italy. Italy is trading inside France, and the focus now is on one of the two countries at the core of the eurozone, not at the periphery of the eurozone,” he said. “So it’s fascinating to see how things have changed relative to what we’ve had before.”

U.S. Treasury department’s ‘step too far’

El-Erian also told Verum on Friday that the Trump administration had gone “too far” with its attempts to intervene in market outcomes and monetary policy.

Last month, the U.S. Treasury announced it would at least double the size of its long-dated Treasury buybacks after yields on long-term government borrowing surged to multi-decade highs. On Thursday, U.S. Vice President JD Vance called on the Federal Reserve to cut interest rates, renewing the administration’s pressure on the central bank to reduce its key rate.

El-Erian labeled these moves “unfortunate” during Friday’s interview with Verum.

“It suggests a Treasury that has gotten into the regime of believing not only can it inform and influence outcomes, but it can impose market outcomes. I think that’s a step too far,” he said. “And the question now is, how do you step back from this? I think the results are clear. It’s a massive market. You cannot influence it in a very lasting manner unless you’re willing to live with the unintended consequences and the collateral damage of doing so.”

Verum reached out to the U.S. Treasury Department for comment.

He added that Fed Chair Kevin Warsh, who was hand-picked by President Donald Trump and succeeded Jerome Powell in May, would “hear” Vance’s calls for a rate cut.

“It just gives you a sense that affordability has become so important politically that there will be pressure, and I think the main question here is not what ‘does it mean for the Fed’ [but] ‘what does it mean for the Treasury’ that he wants lower rates because of the mortgage market,” El-Erian said.

Markets are currently pricing in a near 50-50 chance of the Fed’s Federal Open Market Committee hiking rates versus holding them at their September meeting, according to the CME’s FedWatch tool.

Warsh gets ‘three things right’ at Jackson Hole

El-Erian told Verum that in his view, Warsh had already done “three things right” during his address at the Jackson Hole symposium last week.

“First, he addressed the concerns about his reaction function,” he said. “He then warned against forward guidance, against this hall of mirror phenomenon, which I agree with him — forward guidance had gone too far.”

“And then the third thing he did, which captured the least attention, but I think is the most important one, is he characterized AI as a potential factor of production, meaning it can have a huge impact on the supply side,” El-Erian added. “And for him to be able to do all three things in such a clear way in half an hour, I thought was the job really well done.”

Technologies

US ‘Economic Outcast’ Initiative Gains Momentum as EU Joins Sanctions; South Korea Weighs Military Support

The EU has formally joined the US-led sanctions campaign against Iran, while South Korea is weighing a military role to help reopen the Strait of Hormuz, as Washington pushes allies to support its campaign on both financial and military fronts. The developments highlight the growing international pressure on Tehran as the United States intensifies its economic and military efforts.

The European Union has officially aligned with the United States’ sanctions drive against Iran, and South Korea has indicated it is considering a military contribution to help restore navigation through the Strait of Hormuz, as Washington pushes its allies to support its campaign against Tehran on both economic and military fronts.

U.S. Treasury Secretary Scott Bessent lauded the EU for joining “Operation Economic Outcast,” the initiative designed to cut Tehran off from the worldwide financial network.

“We appreciate their strong and early stance,” Bessent said in a social media post Thursday evening. “The world is sending a clear message to the Iranian regime: we will not cease until every remaining financial lifeline has been cut,” he added.

The remarks followed Brussels’ Aug. 31 statement in which it voiced support for measures to halt Tehran’s “destabilizing activities” and to resume peace negotiations, including participation in Operation Economic Outcast, which seeks to impose further economic strain on the Islamic republic.

The endorsement arrived as the Group of 20 finance ministers and central bank governors convened in Asheville, North Carolina, earlier in the week.

“The United States remains steadfast with its allies in ensuring the murderous Iranian regime cannot tap the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies,” Bessent said in his Thursday post.

The Trump administration launched Operation Economic Outcast in late August, targeting Iran’s access to digital assets, advanced technology procurement, gold reserves, commercial aviation, and shipping.

Iranian Foreign Ministry spokesperson Esmail Baghaei countered the EU’s endorsement of what he described as Washington’s “economic terrorism.” In a Sept. 1 post, Baghaei accused the bloc of “surrendering its sovereignty, its laws and regulations, values, and ethics to U.S. coercion.”

Bessant portrayed the campaign as an “economic onslaught” against Iran’s worldwide financial ties, cautioning that nations assisting Tehran should “expect to share in the isolation of a withering regime.” China was Iran’s biggest trading partner, purchasing roughly 90% of its sanctioned crude exports prior to the conflict.

Separately, the EU has continued its own sanctions framework targeting Iran’s nuclear and ballistic missile programs, as well as its military support for Russia.

Ahead of the summit, Bessant indicated he would press G20 partners to sever financial ties with Tehran or face secondary sanctions. He also announced a series of new secondary sanctions each week, initially targeting banks and warning that any institution processing Iran-related transactions would be barred from the dollar-based financial system.

Seoul weighs Hormuz role

Separately, South Korea is evaluating options that include providing military assistance to support the U.S. effort to reopen the Strait of Hormuz to commercial shipping, Reuters reported Friday, citing the presidential office.

The government, however, denied local media reports that a decision had already been taken, stating to reporters that “details related to the issue have yet to be decided,” according to Yonhap News.

Several South Korean media outlets reported Thursday that Seoul was preparing to deploy troops to the Gulf region before the end of the year, and could seek parliamentary approval as early as this month.

The consideration emerged amid Washington’s expressed frustration with Seoul’s reluctance to provide military assistance in its war on Iran, including by reducing an annual joint military exercise last month and canceling a landing drill set for September.

Standoff

Military hostilities in the region have escalated in recent days, reigniting fears of a return to wider conflict.

The U.S. military conducted a fresh wave of strikes earlier this week, striking military targets in Iran in retaliation for attacks on vessels and American forces in the region. Iran has responded by firing missiles at U.S. bases across the Middle East.

Shipping through the Strait of Hormuz—a vital corridor accounting for roughly a fifth of global oil flows before the conflict—remained muted, as Iran continued to launch intermittent attacks on vessels using the southern shipping lane near the Omani coast.

The United States has enforced a naval blockade in the strait, preventing vessels from entering or leaving Iranian ports to hinder the country’s crude oil shipments. U.S. Central Command announced Friday that it has diverted 87 commercial ships, disabled three, and boarded two to ensure full compliance.

Technologies

Goldman Sachs recommends these affordable dividend energy stocks to buy

Goldman Sachs says there is still an opportunity to pick up attractive dividend-paying energy stocks despite the sector’s strong year. Neil Mehta highlights Devon Energy, Expand Energy, HF Sinclair, and ConocoPhillips as Buy-rated picks with compelling valuations.

Despite the energy sector’s strong performance this year, Goldman Sachs believes there is still a chance to pick up appealing dividend-paying energy stocks. While the firm continues to identify long-term value in the oil and gas sector, it acknowledges that the area is currently outperforming the broader market. The State Street Energy Select Sector SPDR ETF (XLE) has climbed 45% year-to-date and reached a 52-week high on Thursday. By comparison, the S & P 500 is up 13% year to date. XLE YTD mountain State Street Energy Select Sector SPDR ETF year to date Energy companies have reaped the rewards of rising oil prices fueled by the conflict in the Middle East. Brent crude futures settled above $95 per barrel. “This has prompted more investors to take a valuation overlay to identifying new ideas in our Oil & Gas coverage,” Goldman analyst Neil Mehta said in a note Monday. “For those screening for value, we screen our comparison sheets and identify Buy-rated stocks that currently offer above-average total return while trading at below-average 2028 multiples as investors position into year-end.” Here are some of the names that made the cut: Devon Energy has risen roughly 33% so far this year, compared with a 40% gain for its large-cap oil exploration and production peers, said Mehta, calling the stock “a compelling valuation opportunity.” “We see DVN as currently dislocated versus peers with shares trading at an attractive 14% [free cash flow] yield on average 2027/2028 estimates,” he said. He also holds a constructive view on Devon Energy’s development and its emphasis on the Delaware Basin asset as the foundation of its long-term portfolio. Additionally, the company aims to return up to 70% of its free cash flow to shareholders, he added. Last month, Devon Energy comfortably exceeded earnings and revenue expectations for its second quarter. It announced a dividend increase in May. Mehta’s $55 price target suggests 12% upside from Wednesday’s close. The stock offers a 2.3% dividend yield. Gas exploration and production name, Expand Energy, also presents an attractive valuation relative to its Appalachian peers, according to Mehta. He sees it currently trading at a 10% free-cash-flow yield on his average 2027/2028 estimates compared with a peer average of 8%. Expand Energy, which yields 2.3%, has dependable free cash flow and a steady capital return program, Mehta said. Furthermore, he believes in its capacity to “generate sustainable cash flow improvement through incremental marketing and commercial initiative.” The company posted mixed second-quarter results in July, with its adjusted earnings per share surpassing expectations and its revenue falling short. Shares are down roughly 10% so far in 2026. U.S. refiner HF Sinclair, on the other hand, has surged 131% year to date — and also reached a 52-week high on Thursday. Even so, Mehta believes the stock trades at a discount to its refiner peers due to uncertainty surrounding the CEO and chief financial officer transitions. Both positions are currently interim. “[W]e continue to see value in the company’s non-refining earnings contributions (Lubricants, Renewable Diesel, and Midstream) in addition to the company’s leverage to niche refining markets (West Coast/Rockies and Mid-Continent),” Mehta wrote. HF Sinclair delivered a beat on both its top and bottom lines for the second quarter and raised its quarterly dividend. The stock currently yields about 2%. Mehta’s $114 price target implies 7.5% upside from Wednesday’s close. Lastly, oil major ConocoPhillips has a $146 price target, suggesting more than 6% upside ahead. Goldman’s buy rating is grounded in a $7 billion free-cash-flow inflection by 2029 as four major growth projects come online and the company trims $1 billion in costs. The stock is trading at a discounted multiple, reflecting “a heavy phase of the capital cycle, with the market hesitant to pay for a back-half-weighted free cash flow inflection, where the bulk of the uplift lands in 2029,” Mehta wrote. ConocoPhillips has gained 45% year to date, hitting a 52-week high on Thursday. It currently yields 2.5%.