8 Best Bargain Stocks To Buy in October

6. Vale S.A. (NYSE:VALE)

Forward P/E as of September 28, 2024: 5.51

Analyst Upside Potential as of September 28, 2024: 27%

Number of Hedge Fund Holders: 34

Vale S.A. (NYSE:VALE) is one of the best bargain stocks in October according to analysts. The mining company is headquartered in Brazil and is present in more than 20 countries. The company engages in sustainable mining and is one of the largest producers of iron ore, pellets, and nickel. It also has operations in the logistics of mineral exporting.

The company’s responsibility towards the planet is remarkable. Currently, Vale S.A. (NYSE:VALE)  produces 54% of the energy it consumes and protects 8,500 square feet of natural areas, 6 times the size of its operations. Over the years the company has launched a range of initiatives to give back to society including the Vale Foundation, Valia Portal, Vale Museum, Vale Cultural Institute, Vale Fund, and Vale Social Network, to name a few.

On the financial front, Vale S.A. (NYSE:VALE) logged $9.92 billion in revenue during the second quarter. In addition to that, the company reported record performances in production. Iron ore production stood at 81 metric tons (MT), S11D production at 20 MT, and iron sales at 90 MT, up by 3%, 2%, and 7% year-over-year, respectively.

Overall, Vale S.A. (NYSE:VALE) is set to add another 50 metric tons of capacity by 2026, making it one of the best bargain stocks to buy now. The company also signed a partnership for a new iron ore concentration plant in Sohar, which will be completed by 2027.

The growing need for sustainable energy sources makes Vale’s (NYSE:VALE) position in the industry crucial and an important name over the next few years. This explains why the company has several projects and sustainable initiatives in the pipeline.