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

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Suburban Propane Partners (SPH). SPH is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 7.22. This compares to its industry's average Forward P/E of 12.10. Over the past year, SPH's Forward P/E has been as high as 13.53 and as low as 7.21, with a median of 10.49.

Another notable valuation metric for SPH is its P/B ratio of 2.07. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 2.62. Over the past 12 months, SPH's P/B has been as high as 2.78 and as low as 1.83, with a median of 2.14.

Finally, investors will want to recognize that SPH has a P/CF ratio of 4.02. 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. SPH's P/CF compares to its industry's average P/CF of 8.45. SPH's P/CF has been as high as 5.84 and as low as 4.01, with a median of 4.59, all within the past year.

Sunoco (SUN) may be another strong Oil and Gas - Refining and Marketing - Master Limited Partnerships stock to add to your shortlist. SUN is a # 2 (Buy) stock with a Value grade of A.

Sunoco also has a P/B ratio of 5.12 compared to its industry's price-to-book ratio of 2.62. Over the past year, its P/B ratio has been as high as 5.48, as low as 4.35, with a median of 4.86.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Suburban Propane Partners and Sunoco are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, SPH and SUN feels like a great value stock at the moment.

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