I use Hangouts within Gmail, I do not use any other client. I would like to know if there is any way to remove or hide contacts from the Hangouts chat list.

I don't want to block the contacts, but don't want to see their name in my chat list. Is there any way to accomplish this, if it is possible at all?

Edit: Hangouts do not have the drop down "more option" that appeared on the old Gchat.