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.

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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is Vaalco Energy (EGY Quick QuoteEGY - Free Report) . EGY is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.

Another notable valuation metric for EGY is its P/B ratio of 1.48. 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 stock's P/B looks solid versus its industry's average P/B of 1.97. EGY's P/B has been as high as 1.65 and as low as 0.90, with a median of 1.08, over the past year.

Finally, we should also recognize that EGY has a P/CF ratio of 3.90. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. EGY's current P/CF looks attractive when compared to its industry's average P/CF of 5.50. EGY's P/CF has been as high as 4.31 and as low as 2.45, with a median of 3.44, all within the past year.

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