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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

North American Construction (NOA Quick QuoteNOA - Free Report) is a stock many investors are watching right now. NOA is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock is trading with a P/E ratio of 6.13, which compares to its industry's average of 9.90. Over the past 52 weeks, NOA's Forward P/E has been as high as 8.78 and as low as 3.14, with a median of 6.87.

Finally, investors should note that NOA has a P/CF ratio of 2.40. 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. NOA's current P/CF looks attractive when compared to its industry's average P/CF of 4.51. Over the past year, NOA's P/CF has been as high as 5.39 and as low as 1.19, with a median of 2.59.

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.