R2-DB.com has a good thread on this. It says that your ammo regen rate is determined by how much ammo you have. It's about .8 per second when your ammo is between 8-12, and drops to about .6 per second between 4-8 ammo, then .3 per second when less than 4. Keeping your ammo regen up is a good thing, so it recommends alternating your ammo using abilities with a Hammer Shot, to keep your regen at max, or near max.