While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is North American Construction (NOA Quick QuoteNOA - Free Report) . NOA is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 9.66 right now. For comparison, its industry sports an average P/E of 11.46. Over the past 52 weeks, NOA's Forward P/E has been as high as 22.74 and as low as 7.19, with a median of 14.54.

Finally, investors should note that NOA has a P/CF ratio of 4.89. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. NOA's P/CF compares to its industry's average P/CF of 7.80. Over the past 52 weeks, NOA's P/CF has been as high as 7.04 and as low as 2.94, with a median of 4.46.

These are only a few of the key metrics included in North American Construction's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, NOA looks like an impressive value stock at the moment.