Stator problems? Replaced battery and 2 voltage regulators

I’m on my 3rd regulator and the voltage is still hovering at 12.0-12.6 and the regulator is getting smoking hot. Swapped to brand new battery and voltage is good with it . Could the stator be my problem? When cold and running in low around 10-15mph the output on the voltage will hover around 14.0 as it gets further down the road and warmer the voltage continues to drop. About 1-2 mile down the road I’m at 11.8-12.0 and 10mph in low. My other xp 1000 stays at a constant 14.3v and only varies maybe .1-.2 volts. I’m pretty much thinking it has to be a toasted stator but want to make sure if anyone else has had this problem. Thanks