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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

Baytex Energy (BTE Quick QuoteBTE - Free Report) is a stock many investors are watching right now. BTE is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. BTE has a P/S ratio of 1.68. 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 Baytex Energy is likely undervalued currently. And when considering the strength of its earnings outlook, BTE sticks out as one of the market's strongest value stocks.