Ignoring the performance of IMO and CNQ, there were several names last year that jumped, one as much as 50% (BPF.UN) on the reinstatement of dividends/special dividend. There is some correlation but it’s not the whole story.
I hold VET, it has some debt which it has been paying down, reinitiating the dividend or a significant buyback announcement should move it but $30 is quite far for now.