Investors interested in Oil and Gas - Production Pipeline - MLB stocks are likely familiar with Enterprise Products Partners (EPD) and Oneok Inc. (OKE). 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.

Enterprise Products Partners has a Zacks Rank of #2 (Buy), while Oneok Inc. has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that EPD is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies 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.

EPD currently has a forward P/E ratio of 11.73, while OKE has a forward P/E of 18.32. We also note that EPD has a PEG ratio of 1.39. 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. OKE currently has a PEG ratio of 4.17.

Another notable valuation metric for EPD is its P/B ratio of 2.50. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, OKE has a P/B of 2.62.

These are just a few of the metrics contributing to EPD's Value grade of B and OKE's Value grade of C.

EPD sticks out from OKE in both our Zacks Rank and Style Scores models, so value investors will likely feel that EPD is the better option right now.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report

ONEOK, Inc. (OKE) : Free Stock Analysis Report

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

Zacks Investment Research