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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is Ovintiv (OVV). OVV is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.91 right now. For comparison, its industry sports an average P/E of 11.63. Over the past year, OVV's Forward P/E has been as high as 9.97 and as low as 6.08, with a median of 7.83.

We should also highlight that OVV has a P/B ratio of 1.06. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.85. Over the past year, 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 2.64. 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 company's current P/CF looks solid when compared to its industry's average P/CF of 5.21. OVV's P/CF has been as high as 3.82 and as low as 2.29, with a median of 2.85, 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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