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.

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 Ultrapar Participacoes (UGP Quick QuoteUGP - Free Report) . UGP is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.

Finally, we should also recognize that UGP has a P/CF ratio of 7.23. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. UGP's current P/CF looks attractive when compared to its industry's average P/CF of 9.11. UGP's P/CF has been as high as 8.20 and as low as 4.84, with a median of 6.48, all within the past year.

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