Hang around with a low companion (5)
I believe the answer is:
mooch
'hang around' is the definition.
(I've seen this before)
'with a low companion' is the wordplay.
'with' means one lot of letters go next to another.
'a low' becomes 'moo' (both can mean to make the noise of a cow).
'companion' becomes 'ch' (Companion of Honour).
'moo' put next to 'ch' is 'MOOCH'.
(Other definitions for mooch that I've seen before include "Loiter listlessly" , "Wander around" , "Slouch about" , "Walk aimlessly around" , "Wander aimlessly" .)