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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

One company value investors might notice is North American Construction (NOA Quick QuoteNOA - Free Report) . NOA is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock is trading with P/E ratio of 8.44 right now. For comparison, its industry sports an average P/E of 11.27. 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 10.75.

Finally, investors will want to recognize that NOA has a P/CF ratio of 5.46. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. NOA's current P/CF looks attractive when compared to its industry's average P/CF of 7.48. Within the past 12 months, NOA's P/CF has been as high as 6.99 and as low as 2.92, with a median of 4.70.

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.