Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 stock to keep an eye on is Sunoco (SUN). SUN is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 5.08, while its industry has an average P/E of 12.36. Over the past 52 weeks, SUN's Forward P/E has been as high as 16.32 and as low as 4.63, with a median of 7.62.

Another notable valuation metric for SUN is its P/B ratio of 2.06. 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 5.42. Over the past year, SUN's P/B has been as high as 6.62 and as low as 1.77, with a median of 2.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. SUN has a P/S ratio of 0.39. This compares to its industry's average P/S of 0.44.

Finally, investors should note that SUN has a P/CF ratio of 8.49. 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. SUN's current P/CF looks attractive when compared to its industry's average P/CF of 9.90. Within the past 12 months, SUN's P/CF has been as high as 9.17 and as low as 5.34, with a median of 7.66.

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

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