Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

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 to watch right now is Forum Energy Technologies (FET). FET is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 7.35, while its industry has an average P/E of 11.41. Over the past 52 weeks, FET's Forward P/E has been as high as 49.18 and as low as 6.63, with a median of 36.35.

Investors should also recognize that FET has a P/B ratio of 0.58. 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. FET's current P/B looks attractive when compared to its industry's average P/B of 0.99. FET's P/B has been as high as 0.81 and as low as 0.39, with a median of 0.48, over the past year.

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. FET has a P/S ratio of 0.23. This compares to its industry's average P/S of 0.65.

Value investors will likely look at more than just these metrics, but the above data helps show that Forum Energy Technologies is likely undervalued currently. And when considering the strength of its earnings outlook, FET 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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