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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 #1 (Strong Buy) and an A for Value. The stock has a Forward P/E ratio of 8.33. This compares to its industry's average Forward P/E of 14.90. Over the past 52 weeks, NOA's Forward P/E has been as high as 13.19 and as low as 5.58, with a median of 9.32.

Finally, investors should note that NOA has a P/CF ratio of 4.29. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 13.14. NOA's P/CF has been as high as 4.82 and as low as 2.20, with a median of 3.32, all within the past year.

These are just a handful of the figures considered in North American Construction Group'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.