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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. 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 stock to keep an eye on is Pedevco (PED). PED is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock is trading with P/E ratio of 11.16 right now. For comparison, its industry sports an average P/E of 16.54. Over the past 52 weeks, PED's Forward P/E has been as high as 34.33 and as low as -86, with a median of 13.94.

Another notable valuation metric for PED is its P/B ratio of 0.85. The P/B is a method of comparing a stock's market value to 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 2.20. PED's P/B has been as high as 0.93 and as low as 0.55, with a median of 0.76, over the past year.

Finally, our model also underscores that PED has a P/CF ratio of 6.61. 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. This stock's P/CF looks attractive against its industry's average P/CF of 7.45. Over the past year, PED's P/CF has been as high as 8.19 and as low as 4.45, with a median of 5.92.

These are only a few of the key metrics included in Pedevco'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, PED looks like an impressive value stock at the moment.

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