Davies scored the first and last goals from the penalty spot - with a Johan Elmander brace and Chung Yong-Lee goal in between - while Newcastle netted an Andy Carroll consolation.
The win saw Bolton go fourth in the Premier League table and Davies believed the victory was thoroughly deserved.
He told Sky Sports: "It's going well - I think the Reebok is the place to be for entertainment at the minute.
"We played a very good Newcastle side who have gone away and beat Arsenal so I think it's a fantastic performance from the boys and a great win for us."
Davies coolly slotted both his penalties into the bottom corner and said he is confident in such a pressured situation.
"I've taken a few now and feel a lot more confident with it," he said.
The skipper believed the on-fire Trotters could have scored even more than the five goals they posted.
He added: "I thought it was a good game, played in the right way. Like I said, we played some great football at times and I think it was a fair result.
"I'm not over-complimenting the result - I felt we deserved the five goals and probably could have scored a few more."
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