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The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Devon Energy (DVN) is a stock many investors are watching right now. DVN is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 8.29, which compares to its industry's average of 10.51. DVN's Forward P/E has been as high as 10.82 and as low as 6.41, with a median of 8.17, all within the past year.

Investors should also recognize that DVN has a P/B ratio of 2.46. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. DVN's current P/B looks attractive when compared to its industry's average P/B of 2.53. DVN's P/B has been as high as 3.10 and as low as 2.13, with a median of 2.49, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. DVN has a P/S ratio of 2.03. This compares to its industry's average P/S of 2.07.

Finally, we should also recognize that DVN has a P/CF ratio of 5.06. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 7.98. Over the past year, DVN's P/CF has been as high as 5.74 and as low as 4.13, with a median of 4.65.

Ring Energy (REI) may be another strong Oil and Gas - Exploration and Production - United States stock to add to your shortlist. REI is a # 2 (Buy) stock with a Value grade of A.

Additionally, Ring Energy has a P/B ratio of 0.49 while its industry's price-to-book ratio sits at 2.53. For REI, this valuation metric has been as high as 0.64, as low as 0.31, with a median of 0.45 over the past year.

These are just a handful of the figures considered in Devon Energy and Ring Energy's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that DVN and REI is an impressive value stock right now.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.