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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is PattersonUTI Energy (PTEN Quick QuotePTEN - Free Report) . PTEN is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

Another valuation metric that we should highlight is PTEN's P/B ratio of 0.62. 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 solid versus its industry's average P/B of 1.72. Over the past year, PTEN's P/B has been as high as 1.06 and as low as 0.61, with a median of 0.80.

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 preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. PTEN has a P/S ratio of 0.82. This compares to its industry's average P/S of 1.16.

These are just a handful of the figures considered in PattersonUTI Energy's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that PTEN is an impressive value stock right now.