Sanchez Energy Corp (NYSE: SN) shares are surging 17 percent on roughly 3.4 times its average volume, hitting the highest level since May 2015.

The move came amid Northland Securities raising its price target on shares of Sanchez Energy to $20 from $11. The firm maintained its Outperform rating.

Sanchez Energy is an independent explorer of unconventional oil and natural gas in the onshore U.S. Gulf Coast.

Northland Securities also said it's expecting bigger news out of the company's analysts day scheduled for January 23.

Last week, Sanchez Energy and Blackstone Energy Partners announced an agreement to acquire 155,000 acres of Anadarko Petroleum Corporation's (NYSE: APC) working interest in about 318,000 gross operated acres in the Western Eagle Ford for about $2.3 billion.

The acquisition, made through a 50/50 partnership with Blackstone, increases the production of Sanchez Energy by 33,500 boepd. Sanchez Energy shares spiked roughly 29 percent to $11.24 last Friday in reaction to the news.

At last check, Sanchez Energy shares were up about 17.26 percent at $13.18.