Woodside Energy Group Ltd (ASX: WDS) shares could be a great option if you're looking for big gains and an attractive dividend yield.

That's the view of analysts at Morgans which are feeling very positive about the energy producer.

According to a recent note, the broker has put an add rating and $36.20 price target on the company's shares.

Based on its current share price, this implies potential upside of almost 20% for investors between now and this time next year.

But it gets better. As I mentioned above, the broker is also expecting an attractive dividend yield from Woodside's shares.

Morgans is currently expecting fully franked dividends per share of approximately $1.37 in FY 2024 and then $1.62 in FY 2025.

If this proves accurate, it will mean a 4.5% dividend yield this year and then an even more generous 5.3% dividend yield in 2025.

Overall, that's a total potential 12-month return of around 24% for investors if Morgans is on the money with its recommendation.

Morgans likes Woodside shares because of the quality of the company's operations and its attractive valuation. It explains:

A tier 1 upstream oil and gas operator with high-quality earnings that we see as likely to continue pursuing an opportunistic acquisition strategy. WDS's share price has been under pressure in recent months from a combination of oil price volatility and approval issues at Scarborough, its key offshore growth project. With both of those factors now having moderated, with the pullback in oil prices moderating and work at Scarborough back underway, we see now as a good time to add to positions.

In addition, it highlights that the company is making good progress with its current capex phase and appears confident its high-quality earnings are here to stay. It adds:

Increasing our conviction in our call is the progress WDS is making through the current capex phase, while maintaining a healthy balance sheet and healthy dividend profile. WDS still has to address long-term issues in its fundamentals (such as declining production from key projects NWS/Pluto), but will still generate substantial high-quality earnings for years to come.