The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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.

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.

One stock to keep an eye on is Alliance Resource Partners (ARLP Quick QuoteARLP - Free Report) . ARLP is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 9.28, which compares to its industry's average of 10.96. Over the past 52 weeks, ARLP's Forward P/E has been as high as 11.04 and as low as 6.67, with a median of 9.31.

Finally, our model also underscores that ARLP has a P/CF ratio of 5.83. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 8.19. Over the past year, ARLP's P/CF has been as high as 6.90 and as low as 3.82, with a median of 5.55.

These are only a few of the key metrics included in Alliance Resource Partners's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, ARLP looks like an impressive value stock at the moment.