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 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.

North American Construction (NOA Quick QuoteNOA - Free Report) is a stock many investors are watching right now. NOA is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 7.62, while its industry has an average P/E of 11.38. Over the last 12 months, NOA's Forward P/E has been as high as 22.74 and as low as 7.19, with a median of 10.22.

Finally, our model also underscores that NOA has a P/CF ratio of 4.97. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. NOA's current P/CF looks attractive when compared to its industry's average P/CF of 7.78. Over the past year, NOA's P/CF has been as high as 7.04 and as low as 2.94, with a median of 4.95.

These figures are just a handful of the metrics value investors tend to look at, but they help show that North American Construction is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, NOA feels like a great value stock at the moment.