Value investing is always a very popular strategy, and for good reason. After all, who doesn’t want to find stocks that have low PEs, solid outlooks, and decent dividends?Fortunately for investors looking for this combination, we have identified a strong candidate which may be an impressive value; Teekay Offshore Partners LP TOO.Teekay Offshore in FocusTOO may be an interesting play thanks to its forward PE of 2.67, its P/S ratio of 0.51, and its decent dividend yield of 8.03%. These factors suggest that Teekay Offshore is a pretty good value pick, as investors have to pay a relatively low level for each dollar of earnings, and that TOO has decent revenue metrics to back up its earnings.But before you think that Teekay Offshore is just a pure value play, it is important to note that it has been seeing solid activity on the earnings estimate front as well. For current year earnings, though we have seen no revision in any direction in the past one month, the consensus has gone up by 24.2% in the past 30 days.This estimate strength is actually enough to push TOO to a Zacks Rank #2 (Buy), suggesting it is poised to outperform. So really, Teekay Offshore is looking great from a number of angles thanks to its PE below 20, a P/S ratio below one, and a strong Zacks Rank, meaning that this company could be a great choice for value investors at this time.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TEEKAY OFFSHORE (TOO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research