True Independent contractors are not entitled to overtime. However, many employees are misclassified as independent contractors. If you can prove in a court of law that you were misclassified as an independent contractor, then you can recover overtime.
NOTE: the mere fact that you signed a contract stating that you were being hired as an independent contractor is not controlling on the issue. Rather, in a lawsuit, the courts look not to the contractual language, but rather to the day-to-day activities of the employee.