An analyst's recommendation downgrade was the event that pushed ConocoPhillips (COP -1.04%) stock down marginally on the second trading day of the week. The incumbent energy company saw its share price dip by slightly over 1% on the day; by contrast, the S&P 500 index landed in positive territory with a 0.6% increase.

No longer a bull

Moving closer to bear territory in terms of sentiment, Bank of America Securities's Kalei Akamine changed his ConocoPhillips recommendation to neutral from his previous buy. As is typical in such situations, Akamine also cut his price target on the energy stock -- it's now $107 per share, whereas previously it stood at $138.

The new take was part of a broader update on oil and gas stocks. According to reports, Akamine wrote that, at the moment, an appropriate investment strategy for the sector is to favor more defensive plays. Against a backdrop of a softening macroeconomy and a lack of cohesion among members of the Organization of Petroleum Exporting Countries (OPEC), such companies are attractive now.

Accordingly, the analyst upgraded Diamondback Energy to buy from neutral, which was the opposite move to his ConocoPhillips adjustment.

Buying opportunity?

The global economy is, of course, being shaken by the current tariff war between the U.S. and strategic trading partners. Since oil is one of the largest global industries, it's natural to be cautious about it in times like these. I have a feeling the trade war won't last all that long, so perhaps this is an opportunity to pick up an oil incumbent or two at a relative bargain.