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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

Pampa Energia (PAM) is a stock many investors are watching right now. PAM is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 7.03, which compares to its industry's average of 16.81. Over the last 12 months, PAM's Forward P/E has been as high as 8.23 and as low as 3.88, with a median of 6.27.

Another valuation metric that we should highlight is PAM's P/B ratio of 1.05. 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 stock's P/B looks solid versus its industry's average P/B of 2.74. Over the past year, PAM's P/B has been as high as 1.13 and as low as 0.61, with a median of 0.86.

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 popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. PAM has a P/S ratio of 1.84. This compares to its industry's average P/S of 2.13.

Finally, investors should note that PAM has a P/CF ratio of 5.02. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 12.83. Within the past 12 months, PAM's P/CF has been as high as 5.38 and as low as 2.29, with a median of 3.72.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Pampa Energia is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, PAM feels like a great value stock at the moment.