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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

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 an A grade for Value. The stock is trading with P/E ratio of 7.62 right now. For comparison, its industry sports an average P/E of 12.79. NOA's Forward P/E has been as high as 20.55 and as low as 6.80, with a median of 8.43, all within the past year.

Finally, our model also underscores that NOA has a P/CF ratio of 4.77. 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 8.12. NOA's P/CF has been as high as 6.61 and as low as 3.73, with a median of 4.93, all within the past year.

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.