While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company value investors might notice is Oil States International (OIS). OIS is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 10.65 right now. For comparison, its industry sports an average P/E of 13.16. Over the last 12 months, OIS's Forward P/E has been as high as 28.91 and as low as 10.41, with a median of 14.77.

We should also highlight that OIS has a P/B ratio of 0.45. 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 company's current P/B looks solid when compared to its industry's average P/B of 1.13. Over the past year, OIS's P/B has been as high as 0.60 and as low as 0.37, with a median of 0.46.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. OIS has a P/S ratio of 0.45. This compares to its industry's average P/S of 1.21.

Finally, we should also recognize that OIS has a P/CF ratio of 6.57. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. OIS's current P/CF looks attractive when compared to its industry's average P/CF of 6.79. Within the past 12 months, OIS's P/CF has been as high as 9.28 and as low as 3.59, with a median of 5.64.

Value investors will likely look at more than just these metrics, but the above data helps show that Oil States International is likely undervalued currently. And when considering the strength of its earnings outlook, OIS sticks out at 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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