Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 7.18, while its industry has an average P/E of 11.54. Over the last 12 months, NOA's Forward P/E has been as high as 8.82 and as low as 3.14, with a median of 6.12.

Finally, investors should note that NOA has a P/CF ratio of 3.17. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 4.51. Over the past year, NOA's P/CF has been as high as 3.36 and as low as 1.19, with a median of 2.12.

Value investors will likely look at more than just these metrics, but the above data helps show that North American Construction is likely undervalued currently. And when considering the strength of its earnings outlook, NOA sticks out at as one of the market's strongest value stocks.