Wells Fargo has gotten out of Tidewater.
According to Securities and Exchange Commission filings, the San Francisco-based bank sold nearly 2 million shares — nearly 99% of its total position — leaving it with a little more than 24,000 shares in the world's largest offshore player.
Wells Fargo had previously owned 5.6% of all Tidewater shares. Now it owns just 0.06%.
In midday trading Wednesday, New York-traded Tidewater was up 30 cents, or 1.33%, to $22.87. Its 52-week high was $34.89 hit in October. Its low was $18.69 in late December.
The sell-off comes as many in offshore expect the sector to begin pulling out of its multi-year downturn. Rates and utilization rates have been climbing in the North Sea, where Tidewater grew its presence via a merger with GulfMark in November.
T Rowe Price is the largest Tidewater shareholder with 2.62 million shares, followed closely by Raging Capital Management with 2.61 million. Third Avenue Management is the third largest with 2.4 million.
In January, Wells Fargo grew its stake in Tidewater by more than 442,000 shares, bringing its total just over 2 million.
