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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

One company to watch right now is New Gold (NGD). NGD is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value. The stock holds a P/E ratio of 10.89, while its industry has an average P/E of 13.20. NGD's Forward P/E has been as high as 24.11 and as low as 10.29, with a median of 13.52, all within the past year.

NGD is also sporting a PEG ratio of 0.28. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. NGD's industry has an average PEG of 0.45 right now. NGD's PEG has been as high as 0.64 and as low as 0.20, with a median of 0.27, all within the past year.

Value investors also use the P/S ratio. The P/S ratio is 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. NGD has a P/S ratio of 2.32. This compares to its industry's average P/S of 2.86.

Finally, investors should note that NGD has a P/CF ratio of 7.85. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 14.04. Over the past 52 weeks, NGD's P/CF has been as high as 9.59 and as low as 4.42, with a median of 6.56.

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

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