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.

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 Crescent Point Energy (CPG). CPG is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

Investors should also recognize that CPG has a P/B ratio of 0.46. The P/B ratio pits a stock's market value against 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 0.94. Over the past 12 months, CPG's P/B has been as high as 0.69 and as low as 0.22, with a median of 0.45.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CPG has a P/S ratio of 0.8. This compares to its industry's average P/S of 1.16.

Finally, we should also recognize that CPG has a P/CF ratio of 1.13. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 3.52. Over the past 52 weeks, CPG's P/CF has been as high as 4.60 and as low as 0.65, with a median of 3.39.

These are only a few of the key metrics included in Crescent Point Energy'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, CPG looks like an impressive value stock at the moment.

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