Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is North American Construction (NOA Quick QuoteNOA - Free Report) . NOA is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 7.77, while its industry has an average P/E of 11.61. 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 10.42.

Finally, our model also underscores that NOA has a P/CF ratio of 5.05. 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 P/CF compares to its industry's average P/CF of 7.81. Within the past 12 months, NOA's P/CF has been as high as 7.04 and as low as 2.94, with a median of 4.88.

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.