Defender Chico Flores scored his first Premier League goal in the second half after former Swansea striker Danny Graham had ended his long goal drought to give the visitors a ninth-minute lead at the Liberty Stadium.
The Welsh side needed a major stroke of luck to avoid defeat, as Jonjo Shelvey's cross struck Flores on the arm and flew past Hull goalkeeper Allan McGregor.
Wales defender Davies gave credit to Hull, who were denied a penalty when Alex Bruce's header appeared to strike Dwight Tiendalli on the arm in the second half.
"We are a bit disappointed overall." Davies told the club's official website: "We didn't play as well as we can.
"They made it difficult with how organised they were, and in the end I think we were a bit lucky to get a point.
"They came here looking for a point, and when they went 1-0 up they were hoping to hold onto that lead.
"It was difficult to break them down but it was a good goal from us. It was pleasing to get a goal even though we didn't play as well as we usually do.
"We are up to the top of the half, and when you get a point - especially when you've not played that well - it’s not such a bad thing."
