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 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.

Precision Drilling (PDS Quick QuotePDS - Free Report) is a stock many investors are watching right now. PDS is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 10.97, which compares to its industry's average of 22.28. Over the last 12 months, PDS's Forward P/E has been as high as 12.48 and as low as 4.90, with a median of 6.95.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. PDS has a P/S ratio of 0.76. This compares to its industry's average P/S of 1.49.

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