Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 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 stock to keep an eye on is Ring Energy (REI Quick QuoteREI - Free Report) . REI is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 3.89, while its industry has an average P/E of 9.46. Over the past year, REI's Forward P/E has been as high as 8.02 and as low as 1.77, with a median of 3.06.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. REI has a P/S ratio of 0.79. This compares to its industry's average P/S of 1.75.

Value investors will likely look at more than just these metrics, but the above data helps show that Ring Energy is likely undervalued currently. And when considering the strength of its earnings outlook, REI sticks out as one of the market's strongest value stocks.