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.

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.

Harbour Energy (HBRIY Quick QuoteHBRIY - Free Report) is a stock many investors are watching right now. HBRIY is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 178.28, which compares to its industry's average of 243.46. Over the past year, HBRIY's Forward P/E has been as high as 605.16 and as low as -19.38, with a median of 12.63.

We should also highlight that HBRIY has a P/B ratio of 0.64. 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 attractive against its industry's average P/B of 1.61. HBRIY's P/B has been as high as 3.58 and as low as 0.48, with a median of 0.69, over the past year.

These are only a few of the key metrics included in Harbour Energy'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, HBRIY looks like an impressive value stock at the moment.