It makes a difference what version of Photoshop you are using, but the best way, also happens to be a quick and easy, and that's use the Elliptical Shape tool. Hold down the Shift key to force roundness, and when done, give it a stroke but no fill on the options bar. Note that Fill has the red line through it. This is CC and other versions will look different.
I said this was also the 'best' way to do it. Try dragging out a round circle with the elliptical marquee tool, and making it into a work path by clicking on the icon at the bottom of the Paths panel. Now zoom right into your 'round' work path, see how compromised it is. This is a bit simplistic as a test, but I feel it must be significant, and depend largely on pixel count. That is to say, a low res image will produce a poor circle with the elliptical marquee tool because it has to follow the available pixels. The elliptical shape tool, on the other hand, is a vector object and not restrained by pixels. All good stuff to keep in the Photoshop toolbox in your head.
If I wanted to draw a bunch of stroked circle I would use a Ellipse tool set up to create a stroked shape layer with no fill. Then drag out shape layers. After all the circle shapes are created target the shape layers and Merge them into a single shape layer. Pressing the shift after starting to drag constrains the ellipse to a circle adding the alt drags out the circle from the center. The point you started the drag from. That does not seem lake too many steps to me.
I see by the time I created my screen capture the boy from New Zealand had answered the question. Good morning Trevor or should I write good day you are one a head of me.
Just what I was looking for. Thanks for the response.