Investors interested in Utility - Electric Power stocks are likely familiar with E.ON SE (EONGY) and MGE (MGEE). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.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 Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.Currently, E.ON SE has a Zacks Rank of #2 (Buy), while MGE has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that EONGY likely has seen a stronger improvement to its earnings outlook than MGEE has recently. However, value investors will care about much more than just this.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its 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.EONGY currently has a forward P/E ratio of 14.05, while MGEE has a forward P/E of 27.17. We also note that EONGY has a PEG ratio of 1.67. 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. MGEE currently has a PEG ratio of 4.88.Another notable valuation metric for EONGY is its P/B ratio of 1.99. 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. By comparison, MGEE has a P/B of 2.82.These metrics, and several others, help EONGY earn a Value grade of A, while MGEE has been given a Value grade of D.EONGY sticks out from MGEE in both our Zacks Rank and Style Scores models, so value investors will likely feel that EONGY is the better option right now. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report E.ON SE (EONGY): Free Stock Analysis Report MGE Energy Inc. (MGEE): Free Stock Analysis Report To read this article on Zacks.com click here.