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.

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.

Chevron (CVX) is a stock many investors are watching right now. CVX is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 50.25, which compares to its industry's average of 66.91. Over the last 12 months, CVX's Forward P/E has been as high as 4,364.67 and as low as -1,616.80, with a median of 18.33.

We also note that CVX holds a PEG ratio of 10.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. CVX's PEG compares to its industry's average PEG of 16.16. Over the past 52 weeks, CVX's PEG has been as high as 872.93 and as low as -323.36, with a median of 3.13.

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

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