JetBlue (JBLU) Shares are on a roll

Shares of JetBlue Airways Corporation (Public, NASDAQ:JBLU) are up 20% in the last month. Shares of most US Airlines rose this Monday after Delta raised its outlook for results the rest of the year saying it expects lower costs and better revenue than expected.

JBLU is looking more and more tempting. With a Forward P/E of just 13.17, EPS growth next year pegged at 114.64% and EPS growth of close to 30% in the next 5 years, it's hard to ignore the Value in JetBlue shares.

Jet fuel prices for U.S. airlines in July fell to their lowest point in five years, according to data provided last Wednesday by the U.S. Bureau of Transportation Statistics. The cost for a gallon of jet fuel in July fell 50% to $1.90 a gallon from a record-high $3.82 last year, and is down about 10% from 2007, the agency said on its website. Jet fuel prices in the summer months are typically higher than the rest of the year as travel demand peaks before Labor Day. This year, passenger demand is down significantly, with airlines rolling back their seat capacity in the wake of the recession

How high could JBLU shares go? In 2007, the stock barely broke $10. But with Jet Fuel prices as low as they are, and the airline sector heating up, look for shares to break $10 in the next year.