Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Consolidated Communications (CNSL Quick QuoteCNSL - Free Report) . CNSL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 45.49. This compares to its industry's average Forward P/E of 92.46. Over the past 52 weeks, CNSL's Forward P/E has been as high as 53.42 and as low as -50.39, with a median of -35.28.

Investors will also notice that CNSL has a PEG ratio of 22.74. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. CNSL's PEG compares to its industry's average PEG of 46.23. Over the past 52 weeks, CNSL's PEG has been as high as 26.71 and as low as -25.20, with a median of -17.64.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Consolidated Communications is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CNSL feels like a great value stock at the moment.