Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 value investors might notice is Phillips 66 (PSX Quick QuotePSX - Free Report) . PSX is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

We should also highlight that PSX has a P/B ratio of 1.70. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.90. Over the past year, PSX's P/B has been as high as 2.40 and as low as 1.37, with a median of 1.71.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. PSX has a P/S ratio of 0.27. This compares to its industry's average P/S of 0.3.

These are only a few of the key metrics included in Phillips 66's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, PSX looks like an impressive value stock at the moment.