Analysts at Morningstar are raising their full-year dividend predictions for Australia’s Ampol (ASX:ALD) to A$2.13 per share, indicating a full-year payout ratio of 66%.

The firm cited a strong history of providing returns beyond dividends only to shareholders.

Ampol recently announced an interim dividend of 95 Australian cents per share, surpassing the market consensus of 88 Australian cents per share.

Despite being in the early stages, the fuel retailer is reportedly considering investments to support the energy transition, but no significant steps have been taken on any specific project so far.

Morningstar maintains its fair value estimate for Ampol at A$34.50 per share, continuing to view Ampol shares as undervalued at a trading price of A$33.79.

Ampol’s stock has seen a rise of 21.3% this year, as of the last close.

Ampol (ASX:ALD) is an Australia-based fuel retailer.