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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 Clearway Energy (CWENA). CWENA is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 17.52 right now. For comparison, its industry sports an average P/E of 19.53. Over the last 12 months, CWENA's Forward P/E has been as high as 38.45 and as low as 16.04, with a median of 17.12.

Finally, investors will want to recognize that CWENA has a P/CF ratio of 3.34. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 8.27. Over the past year, CWENA's P/CF has been as high as 3.89 and as low as 2.85, with a median of 3.27.

Value investors will likely look at more than just these metrics, but the above data helps show that Clearway Energy is likely undervalued currently. And when considering the strength of its earnings outlook, CWENA sticks out at as one of the market's strongest value stocks.

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

Zacks Investment Research