Investors looking for stocks in the Alternative Energy - Other sector might want to consider either Clearway Energy (CWENA) or TC Energy (TRP). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Clearway Energy has a Zacks Rank of #2 (Buy), while TC Energy has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that CWENA is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

CWENA currently has a forward P/E ratio of 16.86, while TRP has a forward P/E of 17.96. We also note that CWENA has a PEG ratio of 0.42. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TRP currently has a PEG ratio of 4.49.

Another notable valuation metric for CWENA is its P/B ratio of 0.89. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, TRP has a P/B of 1.70.

Based on these metrics and many more, CWENA holds a Value grade of A, while TRP has a Value grade of C.

CWENA stands above TRP thanks to its solid earnings outlook, and based on these valuation figures, we also feel that CWENA is the superior value option right now.

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