Hi there,
Much like any oil & gas producer, VET's performance will be dependent on the price of commodities. Prices which have been quite strong as of late and are expected to remain strong over the short term. This has led to an industry-wide rebound. VET hasn't rebounded as much as some of the others, and as such is more attractively priced.
One of the issues with VET is the lack of confidence in management after cutting the dividend a couple of times before outright eliminating it last year. Investors invested heavily in the O&G industry because of the attractive income prospects. Of note, it appears that those that cut the dividend like SU for example, are underperforming the peers that didn't (ex CNQ and IMO). All this being said, the current macro environment certainly points to strong short-term prospects for the industry and VET's valuation makes it an attractive option.
Worth noting however, that those same macro factors can change on a dime as we've seen many times in years past.
Mat