Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 Ovintiv (OVV). OVV is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 8.91. This compares to its industry's average Forward P/E of 12.61. OVV's Forward P/E has been as high as 9.97 and as low as 5.52, with a median of 7.69, all within the past year.

We should also highlight that OVV has a P/B ratio of 1.12. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.87. Over the past 12 months, OVV's P/B has been as high as 1.45 and as low as 0.92, with a median of 1.12.

Finally, we should also recognize that OVV has a P/CF ratio of 2.78. 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. OVV's P/CF compares to its industry's average P/CF of 5.26. OVV's P/CF has been as high as 3.82 and as low as 2.29, with a median of 2.94, all within the past year.

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

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