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.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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.

Summit Hotel Properties (INN Quick QuoteINN - Free Report) is a stock many investors are watching right now. INN is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.65 right now. For comparison, its industry sports an average P/E of 16.66. Over the past year, INN's Forward P/E has been as high as 7.90 and as low as 4.05, with a median of 6.60.

We also note that INN holds a PEG ratio of 1.26. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. INN's industry has an average PEG of 1.50 right now. Over the past 52 weeks, INN's PEG has been as high as 1.57 and as low as 0.86, with a median of 1.13.

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