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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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.

One company to watch right now is Ovintiv (OVV). OVV is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 7.61. This compares to its industry's average Forward P/E of 12.42. Over the last 12 months, OVV's Forward P/E has been as high as 9.97 and as low as 4.96, with a median of 7.53.

We should also highlight that OVV has a P/B ratio of 1.02. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.85. OVV's P/B has been as high as 1.45 and as low as 0.92, with a median of 1.12, over the past year.

Finally, we should also recognize that OVV has a P/CF ratio of 2.53. 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 stock's P/CF looks attractive against its industry's average P/CF of 5.21. OVV's P/CF has been as high as 3.82 and as low as 2.29, with a median of 2.96, all within the past year.

These are only a few of the key metrics included in Ovintiv'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, OVV looks like an impressive value stock at the moment.

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