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

Morgan Stanley downgraded Marathon Oil (MRO) to an equal-weight rating, downgraded Nabors (NBR) 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) to an overweight rating.

Meanwhile, Jim Cramer isn't buying Apple (AAPL) here, and says Facebook (FB) and Alphabet (GOOGL) 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) was initiated with a neutral rating and $45 price target.

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

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