Shares of Rex Energy are getting hammered by more than 10 percent on Tuesday following a downgrade coupled with a bleak outlook from Stifel analyst Michael Scialla. Despite an already battered share price, Scialla sees plenty of downside remaining for Rex and major financial risks ahead for the company in 2016.

The Downgrade

Stifel has downgraded Rex from Hold to Sell in the wake of the firm’s latest natural gas price forecasts. Stifel believes that gas prices will remain depressed in the near future, a development that will have a devastating impact on Rex.

Interest Coverage Critical

According to Scialla, Rex is…

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