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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 Precision Drilling (PDS Quick QuotePDS - Free Report) . PDS is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

We should also highlight that PDS has a P/B ratio of 0.63. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.65. Within the past 52 weeks, PDS's P/B has been as high as 0.80 and as low as 0.43, with a median of 0.62.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. PDS has a P/S ratio of 0.87. This compares to its industry's average P/S of 1.73.

These are only a few of the key metrics included in Precision Drilling'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, PDS looks like an impressive value stock at the moment.