Adage Capital Management‘s stake in Independence Contract Drilling Inc. (NYSE:ICD) has gone up according to a recent 13G filing with the Securities and Exchange Commission. Managed by Phil Gross and Robert Atchinson, the fund’s holding of the stock stood at 1.45 million shares at the end of the June quarter, and has now climbed to 2.35 million shares or 6.24% of Independence Contract Drilling’s outstanding stock.
As its name suggests, Independence Contract Drilling Inc. (NYSE:ICD) is a company that provides professional land drilling services. Year-to-date, the company’s stock has increased by 11.49%. In its financial report for the second quarter of 2016, Independence Contract Drilling reported a loss per share of $0.12, missing analysts’ consensus estimate of a loss per share of $0.10, and revenue of $15.2 million, beating estimates of $14.8 million. Earlier this month, FBR & Co reiterated its ‘Buy’ rating on Independence Contract Drilling’s stock.
Of the 749 hedge funds tracked by Insider Monkey which filed 13Fs for the June reporting period, 14 were long Independence Contract Drilling Inc. (NYSE:ICD) at the end of June, up by eight from the end of March. Some of the bullish investors included Jim Simons’ Renaissance Technologies, which held a position valued at $1.69 million, Kevin Michael Ulrich’s Anchorage Advisors, which held $692,000 worth of Independence Contract Drilling’s shares, and Ken Griffin’s Citadel Investment Group.
Among the investors who initiated new positions in the stock during the second quarter were Todd J. Kantor’s Encompass Capital Advisors, which had $3.18 million invested in the company, Noam Gottesman’s GLG Partners, which acquired a position worth $2.33 million, Dmitry Balyasny’s Balyasny Asset Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Israel Englander’s Millennium Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Adage Capital Partners||0||2,348,794||0||2,348,794||2,348,794||6.24%|
|Adage Capital Partners GP||0||2,348,794||0||2,348,794||2,348,794||6.24%|
|Adage Capital Advisors||0||2,348,794||0||2,348,794||2,348,794||6.24%|
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