SQL Fiddle
Oracle 11g R2 Schema Setup:
CREATE TABLE Names ( Name ) AS
          SELECT 'Covey, Stephen J, Mr' FROM DUAL
UNION ALL SELECT 'Clinton, Hilary B,' FROM DUAL
UNION ALL SELECT 'Obama, Barack, Mr' FROM DUAL
Query 1:
SELECT REGEXP_SUBSTR( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', 1, 1, NULL, 1 ) AS Last_Name,
       REGEXP_SUBSTR( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', 1, 1, NULL, 2 ) AS First_Name,
       REGEXP_SUBSTR( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', 1, 1, NULL, 4 ) AS Middle_Initial,
       REGEXP_SUBSTR( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', 1, 1, NULL, 5 ) AS Title
FROM   Names
Results:
| LAST_NAME | FIRST_NAME | MIDDLE_INITIAL |  TITLE |
|-----------|------------|----------------|--------|
|     Covey |    Stephen |              J |     Mr |
|   Clinton |     Hilary |              B | (null) |
|     Obama |     Barack |         (null) |     Mr |
Query 2:
SELECT REGEXP_REPLACE( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', '\1' ) AS Last_Name,
       REGEXP_REPLACE( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', '\2' ) AS First_Name,
       REGEXP_REPLACE( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', '\4' ) AS Middle_Initial,
       REGEXP_REPLACE( Name, '^(.*?),\s*(.*?)(\s+(\w))?,\s*(.*)$', '\5' ) AS Title
FROM   Names
Results:
| LAST_NAME | FIRST_NAME | MIDDLE_INITIAL |  TITLE |
|-----------|------------|----------------|--------|
|     Covey |    Stephen |              J |     Mr |
|   Clinton |     Hilary |              B | (null) |
|     Obama |     Barack |         (null) |     Mr |
Query 3:
WITH Split_Names AS (
  SELECT REGEXP_SUBSTR( Name, '^[^,]+' ) AS Last_Name,
         REGEXP_REPLACE( Name, '^.*?,\s*|\s*,.*?$' ) AS Given_Names,
         REGEXP_SUBSTR( Name, '[^\s,]+$' ) AS Title
  FROM   Names
)
SELECT Last_Name,
       REGEXP_REPLACE( Given_Names, '\s+\w$' ) AS First_Name,
       TRIM( REGEXP_SUBSTR( Given_Names, '\s+\w$' ) ) AS Middle_Initial,
       Title
FROM   Split_Names
Results:
| LAST_NAME | FIRST_NAME | MIDDLE_INITIAL |  TITLE |
|-----------|------------|----------------|--------|
|     Covey |    Stephen |              J |     Mr |
|   Clinton |     Hilary |              B | (null) |
|     Obama |     Barack |         (null) |     Mr |