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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

North American Construction (NOA Quick QuoteNOA - Free Report) is a stock many investors are watching right now. NOA is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 5.53. This compares to its industry's average Forward P/E of 9.78. Over the past year, NOA's Forward P/E has been as high as 8.78 and as low as 3.14, with a median of 6.73.

Finally, investors should note that NOA has a P/CF ratio of 2.17. 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 4.51. Over the past year, NOA's P/CF has been as high as 5.40 and as low as 1.19, with a median of 2.37.

These are just a handful of the figures considered in North American Construction's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that NOA is an impressive value stock right now.