Independence Contract Drilling Inc. (ICD): Adage Capital Management Ups Stake to 4.84%

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According to a newly-amended 13G filing with the US SEC,  Phil Gross and Robert Atchinson‘s Adage Capital Management owns 1.82 million shares of Independence Contract Drilling Inc. (NYSE:ICD), which account for 4.84% of the company’s outstanding stock. This is significantly more, compared to 848.201 shares Adage Capital Management held at the end of December, as reported in a previous 13F filing.

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Independence Contract Drilling is an oil and gas company that offers services in the onshore drilling sector, providing fielding best in class multidirectional walking rigs. Over the past 12 months, the company’s shares have dropped by 48.74%. For the first quarter, Independence Contract Drilling disclosed a revenue of $22.5 million, beating the estimates of $21 million, and posted a loss per share of $0.02, versus estimates of a loss of $0.09 per share. Last month, a number of analysts updated their outlook on Independence Contract Drilling’s stock, including Morgan Stanley, which raised the price target to $6.50 from $6.00, reiterating ‘Overweight’ rating.

According to Insider Monkey’s hedge fund database, Adage Capital Management held the biggest position in Independence Contract Drilling, at the end of December, worth around $4.3 million in stock. It was followed by Gary Claar’s Claar Advisors, which reported a $1.4 million stake. Other money managers that were bullish on this stock are Kevin Michael Ulrich and Anthony Davis’s Anchorage Advisors, Jim Simons’s Renaissance Technologies and D. E. Shaw’s D E Shaw.

Overall, five funds from our database reported stakes in Independence Contract Drilling as of the end of December, unchanged over the quarter. D. E. Shaw initiated its position during the fourth quarter, while Richard Driehaus’ Driehaus dumped its stake worth $1.80 million.

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 1,823,058 0 1,823,058 1,823,058 4.84%
Adage Capital Partners GP 0 1,823,058 0 1,823,058 1,823,058 4.84%
Adage Capital Advisors 0 1,823,058 0 1,823,058 1,823,058 4.84%
Robert Atchinson 0 1,823,058 0 1,823,058 1,823,058 4.84%
Phillip Gross 0 1,823,058 0 1,823,058 1,823,058 4.84%

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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)

April 21,

(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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