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 Report) to an equal-weight rating, while analysts at Macquarie downgraded Chevron (CVX - Get Report) to neutral.

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

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

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

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 Report) was initiated with a neutral rating and $45 price target.

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

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

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

Goodyear (GT - Get 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.

Other Noteworthy Ratings Changes

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

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

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

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

Red Hat (RHT) was upgraded to buy and assigned a $115 price target at Stifel.

VMware (VMW - Get 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.