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.

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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

Plains All American Pipeline (PAA) is a stock many investors are watching right now. PAA is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 13.50, while its industry has an average P/E of 13.55. Over the past year, PAA's Forward P/E has been as high as 15.23 and as low as 11.75, with a median of 12.90.

Another notable valuation metric for PAA is its P/B ratio of 1.28. 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. This stock's P/B looks attractive against its industry's average P/B of 2.28. Over the past year, PAA's P/B has been as high as 1.31 and as low as 0.99, with a median of 1.09.

Finally, investors should note that PAA has a P/CF ratio of 7.95. 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 9.40. PAA's P/CF has been as high as 8.14 and as low as 4.98, with a median of 5.89, all within the past year.

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

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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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