For decades, the idea of the BP (LSE: BP.) share price being as low as it is today would have been unthinkable. A forecast price-to-earnings (P/E) ratio of under eight, dropping to seven by 2026? For a FTSE 100 oil stock? One of our all-time great dividend machines? What is the world coming to? Still, BP shares have regained a bit of of the ground they lost in the past few years. This came back to my mind when I read the recent comments from Shell CEO Wael Sawan. He said his firm’s low valuation might even spur the board to drop its London listing. BP’s P/E might be under eight, and it’s around nine at Shell. But over in the US, Exxon Mobil has a P/E of 13.5. But if we have a few years of good dividends, I think we might see some share price progress. Here’s how forecasts could affect BP’s P/E and its dividend yield (DY) in the next few years: Year 2024 2025 2026 Forecast P/E 7.5 7.4 6.9 Forecast DY 4.4% 4.7% 5.0% Cover 2.7x 2.7x 2.7x There’s something else I never thought I’d see over the years. That’s a stock paying dividends heading...