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.

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 Plains All American Pipeline (PAA). PAA is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 12.69. This compares to its industry's average Forward P/E of 13.07. Over the past year, PAA's Forward P/E has been as high as 15.23 and as low as 11.75, with a median of 12.88.

We should also highlight that PAA has a P/B ratio of 1.26. 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 attractive against its industry's average P/B of 2.15. Within the past 52 weeks, PAA's P/B has been as high as 1.37 and as low as 1.02, with a median of 1.10.

Finally, investors will want to recognize that PAA has a P/CF ratio of 7.56. 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 9.06. PAA's P/CF has been as high as 8.21 and as low as 5.25, with a median of 5.98, all within the past year.

These are only a few of the key metrics included in Plains All American Pipeline's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, PAA looks like an impressive value stock at the moment.

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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report

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

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