Investors with an interest in Utility - Electric Power stocks have likely encountered both Hawaiian Electric (HE) and CenterPoint Energy (CNP). 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 proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.Right now, Hawaiian Electric is sporting a Zacks Rank of #2 (Buy), while CenterPoint Energy has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that HE likely has seen a stronger improvement to its earnings outlook than CNP 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.The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.HE currently has a forward P/E ratio of 19, while CNP has a forward P/E of 19.75. We also note that HE has a PEG ratio of 2.62. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CNP currently has a PEG ratio of 4.26.Another notable valuation metric for HE is its P/B ratio of 1.93. 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, CNP has a P/B of 2.14.These metrics, and several others, help HE earn a Value grade of B, while CNP has been given a Value grade of D.HE is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that HE is likely the superior value option right now. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Hawaiian Electric Industries, Inc. (HE): Free Stock Analysis Report CenterPoint Energy, Inc. (CNP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research