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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 stock to keep an eye on is Baytex Energy (BTE). BTE is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 7.83. This compares to its industry's average Forward P/E of 13.15. Over the last 12 months, BTE's Forward P/E has been as high as 14.45 and as low as 4.73, with a median of 7.37.

Investors should also recognize that BTE has a P/B ratio of 0.79. The P/B ratio pits a stock's market value against 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 1.99. BTE's P/B has been as high as 1.14 and as low as 0.74, with a median of 0.95, over the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by 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. BTE has a P/S ratio of 0.77. This compares to its industry's average P/S of 1.01.

Finally, we should also recognize that BTE has a P/CF ratio of 2.93. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. BTE's current P/CF looks attractive when compared to its industry's average P/CF of 5.54. Over the past 52 weeks, BTE's P/CF has been as high as 4.98 and as low as 2.28, with a median of 4.03.

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

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