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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of 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.

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 stock to keep an eye on is Ovintiv (OVV Quick QuoteOVV - Free Report) . OVV is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 9.17, while its industry has an average P/E of 13.32. Over the past 52 weeks, OVV's Forward P/E has been as high as 9.97 and as low as 4.81, with a median of 7.32.

Another notable valuation metric for OVV is its P/B ratio of 1.11. 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 1.99. Over the past year, OVV's P/B has been as high as 1.45 and as low as 0.94, with a median of 1.18.

Finally, investors will want to recognize that OVV has a P/CF ratio of 2.76. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 5.61. Within the past 12 months, OVV's P/CF has been as high as 3.82 and as low as 2.33, with a median of 2.98.

These are just a handful of the figures considered in Ovintiv's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that OVV is an impressive value stock right now.