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.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Enterprise Products Partners and Oneok Inc. are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that EPD likely has seen a stronger improvement to its earnings outlook than OKE has recently. However, value investors will care about much more than just this.

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.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

EPD currently has a forward P/E ratio of 10.45, while OKE has a forward P/E of 15.78. We also note that EPD has a PEG ratio of 1.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. OKE currently has a PEG ratio of 3.59.

Another notable valuation metric for EPD is its P/B ratio of 2.23. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, OKE has a P/B of 2.24.

Based on these metrics and many more, EPD holds a Value grade of B, while OKE has a Value grade of C.

EPD is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that EPD is likely the superior value 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