Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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 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 company value investors might notice 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 is trading with P/E ratio of 10.18 right now. For comparison, its industry sports an average P/E of 12.51. 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 11.18.

Finally, our model also underscores that NOA has a P/CF ratio of 5.23. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 8.46. 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 4.65.

These are only a few of the key metrics included in North American Construction's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, NOA looks like an impressive value stock at the moment.