Zach Curry’s Top Stock Picks for September 2024: CNQ, AMT, and AMZN

Zach Curry’s Market Insights and Top Picks for September 2024: Canadian Natural Resources, American Tower, and Amazon

Editorial Team (ET)May 7, 2025

In the ever-evolving world of investments, staying ahead of market trends requires sharp insight and a strategic approach. Zach Curry, director and portfolio manager at Greenrock Capital Partners, is known for his expertise in North American large-cap stocks. His latest picks – Canadian Natural Resources (CNQ), American Tower (AMT), and Amazon (AMZN) – offer a glimpse into how investors can navigate current market volatility. Let’s dive into these top picks and explore why they’re positioned for long-term success.

Market Outlook

The stock markets in Canada and the U.S. have experienced heightened volatility in 2024, following a strong start to the year. Factors like interest rate cuts, inflation levels, and unemployment data have dominated headlines. As Curry notes, “markets climb a wall of worry,” and investor sentiment often sways with each economic indicator.

At Greenrock Capital, the outlook is cautiously optimistic. Inflation has shown signs of easing, with central banks aiming for the desired 2% target. While unemployment has ticked up from historic lows, it remains within manageable levels. Economic growth may be slowing, but it’s still in positive territory. Curry believes the biggest risk lies in lowering interest rates too quickly, which could stall inflationary progress.

Economic Recovery and Interest Rates

The steady decline in interest rates from the March 2023 highs is expected to gradually benefit both businesses and consumers. Curry suggests that investors should remain patient, as central banks are likely to adopt a measured approach to rate cuts. “It’s easier to lower rates than to raise them,” he explains, emphasizing the need for caution to avoid reigniting inflation.

Why Focus on High-Quality Companies?

In a market rife with uncertainty, Curry advises investors to focus on companies with strong management and proven adaptability. These are the businesses that can thrive in any economic environment, thanks to their market leadership and financial resilience. Over time, such companies reward shareholders through sustained earnings growth.

Top Pick #1: Canadian Natural Resources (CNQ TSX)

Canadian Natural Resources, a dominant player in the North American energy sector, tops Curry’s list of recommendations. This senior oil and natural gas company operates primarily in the Western Canadian provinces, with additional ventures in the U.K. North Sea and Africa. CNQ boasts the largest undeveloped resource base in the Western Canadian Sedimentary Basin and stands as the largest independent natural gas producer in the region.

What sets CNQ apart from its peers is its low breakeven oil price and impressive free cash flow. This financial discipline makes the company well-positioned to weather fluctuations in global energy markets, allowing it to consistently deliver value to shareholders.

Oil and natural gas remain critical components of the global energy landscape, despite growing investments in renewable energy. CNQ’s ability to operate efficiently and at scale, even during times of lower oil prices, gives it a competitive edge. As energy demand continues to fluctuate, CNQ’s strong fundamentals make it a reliable choice for investors looking for long-term growth.

Top Pick #2: American Tower (AMT NYSE)

American Tower is another of Curry’s top picks, thanks to its leadership in global telecommunications infrastructure. As an owner and operator of wireless and broadcast communications towers, AMT plays a key role in the rollout of 5G technology, particularly in the U.S. and Europe. This new generation of wireless connectivity is set to drive continued revenue growth for the company.

Recently, AMT divested its India tower business to focus on developed markets and data centers, a shift that reflects its commitment to organic growth and debt reduction. Curry sees this strategic move as a positive step, with the potential to boost long-term profitability.

The demand for 5G infrastructure is skyrocketing as consumers and businesses alike rely on faster, more reliable connections. American Tower is well-positioned to capitalize on this trend, especially in developed markets where the 5G rollout is accelerating. The company’s focus on filling coverage gaps and expanding data center investments signals a forward-looking strategy that could pay off for investors.

Top Pick #3: Amazon (AMZN NASD)

Amazon, the world’s largest online retailer, rounds out Curry’s top picks. With its sprawling business empire – from e-commerce to cloud computing – Amazon continues to dominate multiple industries. The company’s Amazon Web Services (AWS) division is a major driver of growth, posting a 19% year-over-year increase in revenue in the last quarter. AWS’s cloud computing services are integral to the digital transformation of businesses worldwide.

Amazon’s advertising business is another bright spot, growing 20% year-over-year. The company’s focus on artificial intelligence (AI) through AWS is expected to further fuel cloud growth, positioning Amazon as a key player in the future of AI-driven technology.

AWS has been a cornerstone of Amazon’s success, enabling companies across industries to scale their operations efficiently. The ongoing development of AI technologies within AWS is likely to drive continued innovation, ensuring Amazon remains at the forefront of the cloud computing space.

Beyond its cloud business, Amazon’s e-commerce platform continues to lead the global market. The company’s massive reach, coupled with its Prime subscription model, provides a steady stream of revenue. As Amazon expands into physical retail and media production, its diversified approach makes it a resilient investment.

Investment Rationale for Canadian Natural Resources

Canadian Natural Resources remains a top pick due to its robust financial performance and strategic position in the energy sector. With a low-cost structure and significant free cash flow, CNQ offers stability and growth potential, even in volatile energy markets.

Investment Rationale for American Tower

American Tower’s leadership in wireless infrastructure, coupled with its shift toward developed markets, makes it an attractive investment. As 5G adoption grows, AMT is poised to benefit from increasing demand for wireless services and data center expansion.

Investment Rationale for Amazon

Amazon’s diversified business model, driven by AWS and its AI initiatives, offers investors a solid foundation for long-term growth. The company’s dominance in retail, cloud computing, and advertising positions it as a key player in the future of technology.

Conclusion

Zach Curry’s top picks – Canadian Natural Resources, American Tower, and Amazon – reflect his belief in well-managed, high-quality companies that can navigate economic uncertainties. As the markets continue to evolve, these companies are positioned to deliver long-term value for investors. Curry’s market outlook remains cautiously optimistic, with a focus on inflation, interest rates, and the potential for steady economic recovery.

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