UPDATE: Stifel Nicolaus Downgrades Rex Energy to Hold on Valuation, More Cautious Outlook

In a report published Monday, Stifel Nicolaus analyst Michael Scialla downgraded the rating on Rex Energy Corporation

from Buy to Hold, and removed the $15.00 price target. In the report, Scialla noted, “The stock is up 31% this year (compared to our group average increase of 12%) and is currently valued at a 24% premium to our peer group (based on equally weighted price/NAV and EV/2013 EBITDA). While our NAV estimate is based on a conservative Butler County Marcellus type curve of 4 Bcfe and does not include value for Rex's Upper Devonian or Illinois Basin assets, we would not be aggressive buyers at current levels.” Rex Energy Corporation closed on Friday at $17.00.