What's your investment style? Sooner or later, all investors are faced with the challenge of having to answer this pretty loaded question. Are you a Rule Maker or a Rule Breaker? A grow-getter or a value-seeker? A foolish speculator or a Foolish investor?

Although it's always good to clarify our general tolerance for risk-taking, we should never forget two important things:

  1. Growth and value investing are just joined at the hip;
  2. The most awesome growth stocks are also undervalued stocks.

The best of both worlds
Successful investing isn't simply about buying stocks with the lowest P/E ratios, or ones with the most spectacular growth rates. Instead, the key to investing is putting your money on the most attractive risk/reward propositions that Mr. Market has to offer.

Buying growing companies at discounted prices is probably the best way to do that. This approach earns you the double benefit of buying a stock that trades below its fair value today, and owning a business that's well-positioned to grow that value tomorrow.

We've got these stocks PEGed
So, with our hearts set on growth -- but our brains stubbornly fixated on getting a fair price for it -- here are seven more reasonably priced, fast-growing favorites of our Motley Fool CAPS community.

In addition to having five-year estimated growth rates of at least 15%, and PEG ratios below one, these stocks have received a four- or five-star rating from our pool of more than 60,000 individual and professional investors.

Company

Estimated Five-Year Earnings Growth Rate

PEG Ratio

Current CAPS Rating

Mariner Energy

22.5%

0.54

*****

Dril-Quip (NYSE:DRQ)

45%

0.43

*****

Complete Production Services

23%

0.37

*****

Warner Chilcott (NASDAQ:WCRX)

27%

0.70

****

Investment Technology Group (NYSE:ITG)

20%

0.85

****

Patni Computer Systems (NYSE:PTI)

20.3%

0.83

****

TETRA Technologies (NYSE:TTI)

21%

0.69

****

Data from Yahoo! Finance and Motley Fool CAPS (as of Sept. 5 close)

As always, don't take these stocks as well-formulated investment recommendations, but rather as candidates for further research. Regardless of which investment approach you take, due diligence is the thread that binds all superior returns.  

To get you started, though, here's a brief summary of one stock that caught my attention. 

Dril-Quip equipped?
For as long as I've been screening stocks for the Fool, offshore drillers have consistently popped up as some of the cheapest stocks around (on a forward earnings basis). So cheap, in fact, that I've always been hesitant to highlight their seemingly bargain-basement prices, in case there were industry-specific issues that I was overlooking. But, when the Fool's oil and gas guru David Lee Smith recently expressed his own wonderment at how attractive drilling stocks were, I decided to drill down on a driller myself. This week's featured bargain growth stock: Texas-based Dril-Quip. 

To be exact, Dril-Quip isn't a driller, but rather a manufacturer of drilling equipment. According to the company, it's one of the world's leading producers of rig equipment designed for deepwater and harsh environments. Nevertheless, with an almost unreal PEG of 0.43, Mr. Market has given it the same valuation treatment as David's trio of five-star drillers -- Diamond Offshore, Transocean, and Ensco.

Naturally, all of these stocks are priced similarly because of their ties to volatile oil prices -- which are historically high right now. But if you're under the opinion that, over the long run, oil and gas is a great place to be -- as many CAPS Fools adamantly believe -- Dril-Quip is an especially interesting way to play.

Whereas drillers ramp up activity when it's profitable to do so (and slow 'er down when it's not), Dril-Quip's diverse products are essentially required throughout the oil and gas cycle. In addition to selling subsea, surface, and offshore drilling equipment around the world, Dril-Quip also provides installation and maintenance services. It even rents out the tools needed for its products. Whenever drilling activity slows in the future, as Mr. Market seems to be anticipating, this flexible business model should shoulder any slowdown.   

Of course, Dril-Quip isn't the only player in this space -- in fact, it's one of the smallest. Cameron International (NYSE:CAM) and FMC Technologies (NYSE:FTI) are two of its larger competitors. But according to some in our CAPS community, Dril-Quip's small-cap stature actually bodes well for investors, because it gives the company more room to benefit (grow) from global oil consumption -- which our community forecasts to be massive.

Either way you look at it, Dril-Quip's positive long-term outlook and apparently dirt-cheap valuation should give Fools enough reason to at least keep drilling down on their own. 

Now, let's get a couple of Dril-Quip quotes from our CAPS contestants.  

  • norrab1 addressed the possible flaw in Dril-Quip's stock price characteristics in October of last year: "The demand for their products will increase substantially as oil exploration and recovery moves to harsh environments. The stock price has been unfairly beaten down by the drop in oil prices, but the fundamentals and the long-term potential remain unchanged."
  • And timattox touches on Dril-Quip's recent earnings miss. The shares have since recovered, but his long-term forecast is still in play. "My opinion is that oil prices will fluctuate wildly, but will trend upwards for several decades. With today's 10% haircut in DRQ, I'd say this was a good time to get in. The market is fickle with short-term quarterly reports (and this one had a small miss). For me, I rate this a long-term buy."

Get growin', Fool
So, does the sound of buying high-growth companies at decent prices make complete sense to you? More appropriately, how could it not? Join our Motley Fool CAPS community to get more analysis on the above ideas, create your own list of fairly priced growers, or even weigh in with a sharp opinion of your own.

Within moments, you'll have access to stock ideas that can provide the best of both the value and growth investing worlds. Oh, and it's absolutely free. Now, that's what I call a reasonable price.

Foolish contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool has a disclosure policy.