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.

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.

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.

Plains Group (PAGP Quick QuotePAGP - Free Report) is a stock many investors are watching right now. PAGP is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 12.55 right now. For comparison, its industry sports an average P/E of 18.72. PAGP's Forward P/E has been as high as 18.69 and as low as 9.71, with a median of 12.44, all within the past year.

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