Key Highlights

  • IAMGOLD (NYSE:IAG) traded at USD 17.80 on October 21, 2026, with a trailing P/E of 9.00 and a PEG of 0.24, after second-quarter realized gold prices of USD 4,384 per ounce and USD 230.5 million of net earnings.
  • Harmony Gold (NYSE:HMY) traded at USD 16.84 with a 5.93 P/E and 0.45 PEG after fiscal 2026 headline earnings per share rose 87% and the final dividend rose to ZAR 7.50 per share from ZAR 1.55.
  • Nutrien (NYSE:NTR) traded at USD 68.83 with a 14.12 P/E and a negative 0.60 PEG, after raising potash volume guidance to 14.2 million to 14.8 million tonnes and returning USD 848 million in the first half.
  • PBF Energy (NYSE:PBF) traded at USD 85.03 with a 7.03 P/E and a PEG of 0.00, which was not calculated, after second-quarter adjusted EPS of USD 6.22 and net debt falling to USD 855.0 million.

IAMGOLD (NYSE:IAG): gold miner with debt repaid and buybacks

IAMGOLD (NYSE:IAG) gained USD 0.03, or 0.20%, to USD 17.80 in the October 21, 2026 session on volume of 382,285 shares against a 5.244 million average. The market value is USD 10.15 billion. Published market data shows a trailing P/E of 9.00 and a PEG of 0.24, where the PEG divides the P/E by expected earnings growth. No company news dated October 20 or 21 was found, so the small move is not news-driven. A low PEG on a gold miner is largely a bet on the metal, because earnings and growth forecasts move with the gold price, and trailing earnings now reflect realized prices far above those of a year earlier, so a low P/E can reverse quickly if gold falls. Investors in IAMGOLD (NYSE:IAG) should watch the fourth-quarter Côté mine plan. In the second quarter, the company sold 195,100 ounces at an average realized price of USD 4,384 per ounce for revenue of USD 856.9 million. Adjusted net earnings were USD 241.6 million, or USD 0.42 per share, adjusted EBITDA was USD 507.3 million and mine-site free cash flow was USD 368.9 million. All-in sustaining cost, which counts mining, sustaining capital and royalties per ounce sold, was USD 2,271, leaving a margin of about USD 2,113 per ounce, simple arithmetic on two published numbers.

Harmony Gold (NYSE:HMY): gold and copper producer with a record dividend

Harmony Gold (NYSE:HMY) rose USD 0.12, or 0.72%, to USD 16.84 in the October 21, 2026 session on volume of 725,048 shares against a 3.541 million average. No company announcement dated October 20 or 21 was found. The market value is USD 10.576 billion, the trailing P/E is 5.93 and the PEG is 0.45 in published market data. The P/E is low partly because fiscal 2026 earnings reflect an average realized gold price of USD 3,811 per ounce, up 35.3%, so the multiple would rise if gold fell back. South African producers also carry local risks, including royalties, taxes, electricity and labor, that investors capitalize at a lower multiple. For Harmony Gold (NYSE:HMY), the half-year report will show copper project costs. In the year to June 2026, the company produced 1,429,551 ounces of gold at an all-in sustaining cost of USD 2,195 per ounce, meeting guidance for the eleventh consecutive year. Headline earnings per share rose 87% from a restated ZAR 23.37 to ZAR 43.63, helped by ZAR 2.8 billion of reversed impairments. Copper production from the CSA mine was 18,207 tonnes, near the top of guidance, after the purchase of MAC Copper for about USD 1 billion.

Nutrien (NYSE:NTR): fertilizer producer on a raised potash outlook

Nutrien (NYSE:NTR) slipped USD 0.19, or 0.28%, to USD 68.83 in the October 21, 2026 session on volume of 145,074 shares against a 2.621 million average. No company announcement dated October 20 or 21 was found. The market value is USD 32.851 billion, the trailing P/E is 14.12 and the PEG is negative 0.60 in published market data. A negative PEG means expected earnings growth is negative, so the PEG filter cannot say whether the stock is cheap. With a market value above USD 30 billion, this is the largest company in this group of undervalued large caps by size, and the P/E is the more useful measure for a fertilizer producer whose earnings follow commodity prices. At Nutrien (NYSE:NTR), potash volumes decide the next move. Net earnings were USD 1.22 billion, roughly flat from a year earlier, and adjusted EPS was USD 2.61 against USD 2.65. First-half adjusted EBITDA rose 6% to USD 3.54 billion and first-half adjusted EPS rose 13% to USD 3.11. Higher global fertilizer benchmark prices helped, and record first-half potash sales volumes lifted results, but second-quarter gains were offset by lower volumes and higher sulfur costs.

PBF Energy (NYSE:PBF): refiner on strong margins and lower debt

PBF Energy (NYSE:PBF) gained USD 2.03, or 2.45%, to USD 85.03 in the October 21, 2026 session on volume of 189,313 shares against a 3.343 million average. No company announcement dated October 20 or 21 was found. The market value is USD 10.087 billion and the trailing P/E is 7.03 in published market data. The PEG reads 0.00, which in this data set means the ratio was not calculated, not that growth is infinite. Refiners trade at low P/E multiples because margins are cyclical, so earnings at the top of the cycle make the multiple look cheap, which is a reason for caution when reading a 7.03. For PBF Energy (NYSE:PBF), third-quarter margins are the next test. Second-quarter revenue was USD 11.678 billion and net income attributable to the company was USD 906.4 million, or USD 7.54 per share, including an after-tax benefit of USD 159.8 million from special items, mainly Martinez insurance gains. Excluding special items, adjusted net income was USD 753.1 million, or USD 6.22 per share. The gross refining margin excluding special items was USD 23.40 per barrel, the profit per barrel of crude processed before operating costs.

Where Things Stand

The four share low multiples that depend on commodity prices, and none had company news on October 21. Both gold miners carry gold price exposure, Nutrien depends on fertilizer benchmarks and PBF Energy on refining margins, so a swing in any one price can reset earnings quickly. A low P/E at the top of a commodity cycle can mislead, and the 0.00 and negative PEG readings are not valuation signals. This is not investment advice.