I am an administrator on the machine, DNS is fine (PING -A confirms this), and the Remote Registry Service is enabled. I can connect to the registry just fine (using regedit) by HOSTNAME, but not by IP address. It prompts for credentials and gives me an Access Denied. I get the same functionality when trying to access the registry using C#'s RegistryKey.OpenRemoteBaseKey.
The destination computer is a 32-bit Windows 7 machine, and I am attempting to connect from a 64-bit Windows 7 machine. It does not matter if I pass Registry64, Registry32, or Default as the RegistryView parameter to OpenRemoteBaseKey - they all fail with Access Denied.
Why am I unable to access the registry using the IP address?