The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company to watch right now is MRC Global (MRC). MRC is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 12.16, which compares to its industry's average of 13.49. Over the last 12 months, MRC's Forward P/E has been as high as 16.37 and as low as 9.93, with a median of 12.24.

Finally, investors will want to recognize that MRC has a P/CF ratio of 7.41. 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 9.33. MRC's P/CF has been as high as 9.29 and as low as 6.43, with a median of 7.74, all within the past year.

Tenaris (TS) may be another strong Steel - Pipe and Tube stock to add to your shortlist. TS is a # 2 (Buy) stock with a Value grade of A.

Shares of Tenaris are currently trading at a forward earnings multiple of 11.91 and a PEG ratio of 0.28 compared to its industry's P/E and PEG ratios of 13.49 and 0.90, respectively.

Over the last 12 months, TS's P/E has been as high as 12.59, as low as 7.61, with a median of 9.37, and its PEG ratio has been as high as 3.44, as low as 0.28, with a median of 2.74.

Additionally, Tenaris has a P/B ratio of 1.31 while its industry's price-to-book ratio sits at 1.41. For TS, this valuation metric has been as high as 1.38, as low as 0.95, with a median of 1.16 over the past year.

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

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

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