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Independence Contract Drilling Inc. (ICD): Adage Capital Management Boosts Its Stake

Adage Capital Managements 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.

Phill Gross

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.

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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%
Robert Atchinson 0 2,348,794 0 2,348,794 2,348,794 6.24%
Phillip Gross 0 2348,794 0 2,348,794 2,348,794 6.24%

Phill Gross And Robert Atchinson
Phill Gross And Robert Atchinson
Adage Capital Management

Page 1 of 11 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No.__)*

Contract Drilling, Inc.

(Name of Issuer)

Common Stock,
$0.01 par value per share

(Title of Class of Securities)


(CUSIP Number)

October 5,

(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
¨ Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)
(Page 1 of 11 Pages)


*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act“) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).

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