Not correct.
This IS "pressure in a pipe". Think of it as a vertical cylinder with a east half and a west half. Pressure acts in all directions, so the force pushing on the east half is:
Pressure*Diameter*Height, which is same as force pushing on west half (I hope, or tank would be moving!).
The tank wall area holding the two halves together is:
2*Height*Wall Thickness, so the wall stress is:
S=Press*Dia*Height/(2*Height*Thk) = PD/2t (this cannot be applied to your ENTIRE tank because you have a varying hydrostatic head (P); you could apply it if pressure was due to a gas; read on...).
(Note circumference, or area of the wall, is not a factor - i.e., on either of our halves, the components of the forces acting on our curved wall that are not in a direction of directly east or west, say the north force component, are canceled out by the south force components.)
For you, P varies with depth in tank so the force on the bottom 1 foot of the cylinder where the pressure is ~6000 psf is 6000psf*10'*1'=60,000 lbs, where as on the top 1 foot of the cylinder where the pressure is 0 psf at top and 150 psf at bottom (average =75) is 75psf*10'*1'=750 lbs. As you can see, the required wall thickness will vary with depth; this is why large API tanks are often built with varying wall thicknesses.
For resisting "blowout", you need to substitute in an acceptable "allowable stress" when calculating the required wall thickness. If bolts are involved, they also need to be sized to carry the load.
Remember, thick and strong at the bottom, no problem at the top. Hope this helps.