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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Covenant Logistics Group (CVLG Quick QuoteCVLG - Free Report) is a stock many investors are watching right now. CVLG 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 9.71 right now. For comparison, its industry sports an average P/E of 28.61. Over the past year, CVLG's Forward P/E has been as high as 13.69 and as low as 7.81, with a median of 10.90.

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. CVLG has a P/S ratio of 0.68. This compares to its industry's average P/S of 1.24.

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