Definately endgames. Averbakh is a legendary endgame author so you can't go wrong with the essential knowledge one. Fundamental Chess Endings and 100 Endgames You Must Know are also highly recommended. Don't forget about endgame strategy, which is the transitional phase from middle to endgame. Shereshevsky's Endgame Strategy then move onto Secrets of Endgame Strategy by Bo Hansen.
After that move on to Muller's How to Play Chess Endgames, but that will be over a year away assuming you study things other than the endgame within that period too.
What area of chess should I study next? The choices are Openings, Tactics, Positional Play, and Endgame. Please read the description of my current chess status/knowledge before making me a recommendation.
My details:
Rating: Around 1500-1600 (High Class C, Low Class B). Do not look at my chess.com ratings, as I only play short games here where I do not pay much attention to what I am doing. I play my serious games elsewhere.
Openings: I have a repertoire for White with 1 e4, using the Ruy Lopez as a base. I also have repertoires for Black against both 1 e4 and 1 d4. I understand the general principles of all the openings that I play regularly. Further study here would involve concrete memorization and analysis of lines.
Tactics: Around 1550 on chess.com Tactics Trainer. Regardless of what I am studying next, I will continue to do Tactics Trainer puzzles daily. I will also do additional puzzles as I see fit. Therefore, if you say I should "study tactics," to me, that doesn't mean to do more tactical puzzles but rather to study combinational motifs, sacrificial play, mating patterns, and calculation.
Positional Play: I have read Silman's "How to Reassess Your Chess," Nimzowitsch's "My System," and am finishing up Watson's "Secrets of Modern Chess Strategy." Therefore, I feel I have a strong foundation in positional play. Further study might include reading over examples of Nimzowitsch's theories or reading some of Aagaard's books on strategic/positional play.
Endgames: I have read Silman's Endgame Course, Class E and Class D. My endgame play though is generally rather weak, especially Rook and Pawn endgames and Endgames where I need to push pawns (e.g. Not R+K v K). Potential candidate books that I might read to study endgames include: Silman's Endgame Course (Class C and maybe Class B sections), "Essential Chess Endings" by Howell, and "Chess Endings: Essential Knowledge" by Averbakh.
I look forward to seeing your recommendations. Thanks.