Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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.

Noble Corporation PLC (NE) is a stock many investors are watching right now. NE is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 10.35, while its industry has an average P/E of 11.62. Over the past year, NE's Forward P/E has been as high as 14.60 and as low as 6.20, with a median of 9.95.

Finally, our model also underscores that NE has a P/CF ratio of 6.02. 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. NE's current P/CF looks attractive when compared to its industry's average P/CF of 7.75. Within the past 12 months, NE's P/CF has been as high as 10.46 and as low as 5.42, with a median of 7.09.

These are just a handful of the figures considered in Noble Corporation PLC'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 NE is an impressive value stock right now.

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