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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Baytex Energy (BTE Quick QuoteBTE - Free Report) . BTE is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. BTE has a P/S ratio of 0.59. This compares to its industry's average P/S of 1.36.

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