While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is China Petro&Chm (SNP Quick QuoteSNP - Free Report) . SNP is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock is trading with a P/E ratio of 10.73, which compares to its industry's average of 12.20. Over the last 12 months, SNP's Forward P/E has been as high as 18.24 and as low as 7.61, with a median of 11.90.

SNP is also sporting a PEG ratio of 1.45. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. SNP's industry has an average PEG of 1.73 right now. Within the past year, SNP's PEG has been as high as 4.46 and as low as 1.05, with a median of 1.85.

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