UPDATE: Stifel Nicolaus Downgrades GMX Resources to Sell

Stifel Nicolaus is out with its report today on GMX Resources (NASDAQ: GMXR), downgrading GMXR from Hold to Sell.

In its report, Stifel Nicolaus writes, "We are downgrading the shares to Sell from Hold primarily on heightened liquidity concerns and marginal Bakken results. In our view, the company's liquidity over the next 12 months carries too much risk to warrant a Hold rating."

At the time of posting, shares of GMXR were trading pre-market at $1.87, down 2.60% from Thursday's close.