I've seen everything from water pipes, electrical conduit, valves etc, stucco'ed deep into the side of houses. Generally speaking, the electrican (the guy who leaves little pieces of wire around)is not a stucco guy (the guy who leaves piles of sand around). Over the years and re stucco jobs tend to bury these items deeper and deeper because moving them out creates alot of other problems as the existing clamps are buried, and pipe doesn't stretch (ie - more stucco would have to be busted out,) plus how do you remove these items, re stucco, and then re install an electrical main - all in one day with out spending alot of money. This is a refit, not new construction. New meter, underground, SFlorida, i'ld say this would go for $1000 - $1600 plus problems and equipment ( if needed). I would stucco up to the pipe, and look around and you will notice that it is very common.