[71scgc]

First, don't do what rusty heap said, if for no other reason way too much work.
Also, not sure about your area, but the run from pole or transformer generally belongs to you. An electrical contractor is needed, not the power company.
As wdfifteen said, the end of the conduit could be pulling on the cable. It hasn't cut into it too bad, else it would've blown.
Dig out around the conduit and check. You may be able to lift the conduit up enough to get the locknut back on it inside the meter can.
You may have to pay a resealing fee to the power company as you'll have to cut the seal to get inside the meter can.

This is a real easy fix, as long as you're an electrician, not an "EE engineer". Whatever that is...

Carter (Yes, I am a Journeyman Electrician)