Oil continues to barrel its way lower, finding new lows as 2017 enters the summer trading months. This could have big implications if the commodity continues lower. Even though crude oil has rebounded from its 2015 lows, that doesn't mean a number of energy companies are flourishing.

Analysts weren't having any of it, though. Barclays downgraded Schlumberger (SLB) - Get Schlumberger NV Report to an equal-weight rating, while analysts at Macquarie downgraded Chevron (CVX) - Get Chevron Corporation Report to neutral.

Morgan Stanley downgraded Marathon Oil (MRO) - Get Marathon Oil Corporation (MRO) Report to an equal-weight rating, downgraded Nabors (NBR) - Get Nabors Industries Ltd. Report to an equal-weight rating with a $10 price target and downgraded Superior Energy (SPN) to an equal-weight rating with a $14 price target.

The lone positive note came from Barclays, after it upgraded Weatherford (WFT) - Get Weatherford International plc Report to an overweight rating.

Meanwhile, Jim Cramer isn't buying Apple (AAPL) - Get Apple Inc. (AAPL) Report here, and says Facebook (FB) - Get Facebook, Inc. Class A Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report look better on a dip.

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Don't Forget About the Autos

Auto stocks also saw some action when it came to Wednesday's analysts' actions. Specifically, Guggenheim revved up its coverage of the industry, initiated coverage on five different companies.

BorgWarner (BWA) - Get BorgWarner Inc. Report was initiated with a neutral rating and $45 price target.

Delphi Automotive (DLPH) - Get Delphi Technologies Plc Report was initiated with a buy rating and $104 price target.

Ford (F) - Get Ford Motor Company Report was initiated with a neutral rating and $13 price target.

General Motors (GM) - Get General Motors Company (GM) Report was initiated with a neutral rating and $37 price target.

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Goodyear (GT) - Get Goodyear Tire & Rubber Company Report was initiated with a buy rating and $39 price target.

That's a busy morning for Guggenheim. Interestingly though, even with neutral ratings on Ford and GM, the analyst still sees solid upside. Ford's $13 price target implies roughly 17% upside from current levels, while their $37 price target for GM implies more than 7% upside. Keep in mind these stocks have big dividend payouts, too.

Of the five stocks with new coverage, Guggenheim sees the most upside in Delphi, as its $104 price target implies that there's almost 24% upside to the name.

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Other Noteworthy Ratings Changes

D.R. Horton (DHI) - Get D.R. Horton, Inc. Report was downgraded to in-line and assigned a $35 price target at Evercore ISI.

Lennar (LEN) - Get Lennar Corporation Class A Report was downgraded to in-line and assigned a $56 price target at Evercore ISI.

Honeywell (HON) - Get Honeywell International Inc. (HON) Report was upgraded to buy and assigned a $147 price target at HSBC.

PayPal (PYPL) - Get PayPal Holdings Inc Report was upgraded to overweight and assigned a $60 price target at Pacific Crest.

Red Hat (RHT) - Get Red Hat, Inc. Report was upgraded to buy and assigned a $115 price target at Stifel.

VMware (VMW) - Get VMware, Inc. Class A Report was upgraded to buy and assigned a $109 price target at Stifel.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.