EQT Slumps 3.28% with $290M Turnover Ranking 445th Amid Regulatory Uncertainty and Operational Hurdles

EQT Corporation (EQT) fell 3.28% on October 10, 2025, with a trading volume of $290 million, ranking 445th in market activity for the day. The decline followed mixed signals from regulatory developments and operational updates within the energy sector.

Recent filings highlighted potential adjustments to production quotas in key basins, raising uncertainty over short-term cash flow projections. Analysts noted that while the company reaffirmed long-term growth targets, near-term guidance remained cautious amid evolving market dynamics.

Operational reports indicated a temporary slowdown in drilling activities due to equipment shortages, though management emphasized that these delays would not impact full-year output. Investors appeared to discount the resilience of core assets, with selling pressure concentrated on midstream segments.

To run this test rigorously I need to pin down a couple of practical details: 1. Market universe • U.S. listed common stocks only (NYSE / NASDAQ / AMEX) – is that acceptable? • Should ETFs, ADRs or penny stocks be excluded? 2. Daily trading-volume definition • Rank by total number of shares traded (not dollar volume), using the regular session volume – correct? 3. Portfolio construction details • Equal-weight the 500 names each day? • Buy at today’s close and liquidate at tomorrow’s close (i.e., 1-day holding period) – or use open prices? 4. Trading frictions • Assume zero commissions / slippage, or would you like to embed a cost (e.g., 2 bp per side)? Once I have these points confirmed I can spin up the back-test.