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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Noble Corporation PLC (NE). NE is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 8.78, which compares to its industry's average of 10.48. Over the last 12 months, NE's Forward P/E has been as high as 14.60 and as low as 6.20, with a median of 10.03.

Finally, investors will want to recognize that NE has a P/CF ratio of 5.22. 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. NE's current P/CF looks attractive when compared to its industry's average P/CF of 6.92. Within the past 12 months, NE's P/CF has been as high as 10.46 and as low as 5.22, with a median of 6.65.

These are only a few of the key metrics included in Noble Corporation PLC's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, NE looks like an impressive value stock at the moment.

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