The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is New Gold (NGD). NGD is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 9.49 right now. For comparison, its industry sports an average P/E of 12.37. Over the past 52 weeks, NGD's Forward P/E has been as high as 24.11 and as low as 9.03, with a median of 13.32.

NGD is also sporting a PEG ratio of 0.28. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. NGD's industry currently sports an average PEG of 0.43. Within the past year, NGD's PEG has been as high as 0.64 and as low as 0.27, with a median of 0.46.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. NGD has a P/S ratio of 2.51. This compares to its industry's average P/S of 2.91.

Finally, investors will want to recognize that NGD has a P/CF ratio of 7.93. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 13.09. Within the past 12 months, NGD's P/CF has been as high as 9.59 and as low as 4.42, with a median of 7.49.

These are just a handful of the figures considered in New Gold's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that NGD is an impressive value stock right now.

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