Investors with an interest in Mining – Miscellaneous stocks have likely encountered both BHP (BHP) and Wheaton Precious Metals Corp. (WPM). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

BHP and Wheaton Precious Metals Corp. are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that BHP likely has seen a stronger improvement to its earnings outlook than WPM has recently. But this is just one factor that value investors are interested in.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

BHP currently has a forward P/E ratio of 8.22, while WPM has a forward P/E of 25.17. We also note that BHP has a PEG ratio of 2.74. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. WPM currently has a PEG ratio of 5.03.

Another notable valuation metric for BHP is its P/B ratio of 1.57. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, WPM has a P/B of 2.28.

Based on these metrics and many more, BHP holds a Value grade of A, while WPM has a Value grade of D.

BHP stands above WPM thanks to its solid earnings outlook, and based on these valuation figures, we also feel that BHP is the superior value option right now.

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