While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

One company to watch right now is North American Construction (NOA Quick QuoteNOA - Free Report) . 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 8.19. This compares to its industry's average Forward P/E of 12.33. NOA's Forward P/E has been as high as 22.74 and as low as 7.01, with a median of 9.04, all within the past year.

Finally, we should also recognize 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. This stock's P/CF looks attractive against its industry's average P/CF of 7.58. NOA's P/CF has been as high as 7.04 and as low as 3.73, with a median of 5.02, all within the past year.

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.