Despite huge deals that left Encana Corp. (NYSE: ECA) with $3.2 billion in the bank, the Calgary company may be struggling with a weak liquids portfolio, said Bob Brackett, senior analyst for Bernstein Research.

Encana’s hefty balance sheet was due in part to the company's success with signing major agreements with subsidiaries of PetroChina Co. Ltd., Mitsubishi Corp. and Toyota Tsusho Corp. Encana also beat its guidance to investors.

But liquids appear to be a struggle for Encana and Brackett said that may be the primary motivation for the company’s ...