The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

North American Construction Group (NOA Quick QuoteNOA - Free Report) is a stock many investors are watching right now. NOA is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 7.93. This compares to its industry's average Forward P/E of 13.72. NOA's Forward P/E has been as high as 10.39 and as low as 6.87, with a median of 8.24, all within the past year.

Finally, investors will want to recognize that NOA has a P/CF ratio of 3.69. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. NOA's current P/CF looks attractive when compared to its industry's average P/CF of 8.27. Over the past 52 weeks, NOA's P/CF has been as high as 5.19 and as low as 3.28, with a median of 3.87.

Value investors will likely look at more than just these metrics, but the above data helps show that North American Construction Group 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.