CNQ - Suncor Canadian Natural top Canadian oil picks at CIBC on positive WTI bias

Suncor Energy ([[SU]] -2.4%) and Canadian Natural Resources ([[CNQ]] -4.8%) are lower despite winning bullish coverage from CIBC, where analyst Dennis Fong says the price of WTI crude oil will see a measured return to $50/bbl by 2022.Fong favors companies with a combination of the lowest cost of supply, flexibility in capital allocation, a strong balance sheet and assets that can increase the value of production, and says Suncor and Canadian Natural best showcase those characteristics.But CIBC starts Ovintiv ([[OVV]] -8.9%) at Sector Underperform, citing an expensive valuation compared to shorter-cycle Canadian Montney peers, and it will take time for the company to regain investor confidence given the large number of corporate-level changes.The firm also starts Imperial Oil ([[IMO]] -3.0%) and MEG Energy ([[MEGEF]] -3.3%) at Neutral.In a bullish analysis posted recently on Seeking Alpha, Sven Carlin cites Suncor's competitive advantages as an integrated producer and a longer-than-average reserve life.

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Suncor, Canadian Natural top Canadian oil picks at CIBC on positive WTI bias