Investors with an interest in Oil and Gas - Exploration and Production - United States stocks have likely encountered both CNX Resources Corporation. (CNX) and Comstock Resources (CRK). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Right now, both CNX Resources Corporation. and Comstock Resources are sporting a Zacks Rank of # 2 (Buy). Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

CNX currently has a forward P/E ratio of 11.68, while CRK has a forward P/E of 35.89. We also note that CNX has a PEG ratio of 0.36. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. CRK currently has a PEG ratio of 1.60.

Another notable valuation metric for CNX is its P/B ratio of 0.96. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, CRK has a P/B of 2.40.

Based on these metrics and many more, CNX holds a Value grade of A, while CRK has a Value grade of C.

Both CNX and CRK are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that CNX is the superior value option right now.

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